The daily business briefing: November 25, 2019

(Image credit: Gareth Cattermole/Getty Images for Disney))

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1. Frozen 2 gives Disney Animation Studios its biggest debut ever
2. LVMH reaches deal to buy Tiffany & Co.
3. Novartis to buy The Medicines Co. for $9.7 billion
4. U.S. stock futures gain as trade remains in focus
5. Pink Taco founder Harry Morton dies at 38

published 25 November 2019

1. Frozen 2 gives Disney Animation Studios its biggest debut ever

Frozen 2 dominated the weekend box office with $127 million in domestic ticket sales, a record debut for Walt Disney Animation Studios. The sequel to the 2013 smash Frozen also made $223 million overseas, making the music-packed film's global total the biggest debut ever for an animated film, without adjusting for inflation. Frozen 2's haul exceeded expectations and boosted a struggling November box office, with sales down by 27 percent compared to the same month last year. "Making a sequel to Frozen was a high bar to set for yourself," says Disney distribution chief Cathleen Taff. "The filmmakers did an outstanding job delivering this next chapter. It's emotional and it has something for everyone."

Bulgari owner LVMH reportedly has struck a deal to buy rival luxury retailer Tiffany & Co. for $16.3 billion, CNBC reported Sunday, citing sources familiar with the matter. The two luxury firms reportedly met Sunday to approve the agreement, and plan to announce it as early as Monday. Tiffany shares have gained on anticipation of the deal. Under the deal, LVMH reportedly will pay $135 per share in cash, nearly an 8 percent premium over the Friday closing price of $125.51. Tiffany struggled with falling annual sales and profit in 2015 and before turning around its revenue in 2017, but it has seen U.S. and Asia sales decline again recently due to the U.S.-China trade war and other factors.

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Novartis AG said Sunday it is buying U.S. biotechnology company The Medicines Co. for $9.7 billion. The deal will give the Swiss drugmaker a bigger portfolio of drugs. In particular, Novartis stands to benefit from New Jersey-based The Medicines Co.'s promising cholesterol-lowering drug inclisiran, complementing Novartis' heart-failure medicine Entresto. The expansion is expected to help Novartis continue to grow despite the expiration of some of its patents. The Medicines Co. shareholders will get $85 a share, a 45 percent premium over the stock's closing price on Nov. 18, when news of the acquisition talks broke.

U.S. stock index futures rose early Monday as investors remained focused on signs of progress toward an agreement to end the Trump administration's trade war with China. Futures for the Dow Jones Industrial Average, the S&P 500, and the Nasdaq were up by 0.3 percent or more several hours before the opening bell on Wall Street. The movement came after U.S. National Security Adviser Robert O'Brien said on Saturday that the two sides would reach a "phase one" trade agreement by the end of the year. The U.S. and China have imposed higher tariffs on hundreds of billions of dollars' worth of each other's goods since early 2018, creating a drag on the global economy.

Pink Taco restaurant chain founder Harry Morton was found dead in his Beverly Hills home over the weekend, his company confirmed Sunday. He was 38. Morton's younger brother found him unresponsive. Morton also once owned West Hollywood's Viper Room nightclub, which also was co-owned by actor Johnny Depp for a time. Morton came from a family of restaurateurs. His father, Peter Morton, co-founded Hard Rock Cafe and Hotels, and his grandfather, Arnie Morton, founded Morton’s The Steakhouse. Harry Morton dated several A-list actresses and other celebrities over the years, including Demi Moore, Lindsay Lohan, Paris Hilton, Britney Spears, and Jennifer Aniston.

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Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.