Home Business and Economics This Week in Business: YouTube, Reuters, and More

This Week in Business: YouTube, Reuters, and More

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YouTube’s Top Earner

A seven year old boy topped the list of high earning YouTube creators. Ryan, who posts underthe YouTube channel Ryan ToysReview, earned an estimated $22M USD. The boy reviews toys in all of his videos and nearly doubled his revenue from last year.

When asked why he thinks he made so much money, he said, “Because I’m entertaining and I’m funny.” Since the channel began, he has amassed a total of 26 billion views and 17.3 million subscribers. His videos have also helped toy sales as well as give him brand deals from Walmart.

Reuters To Cut Jobs

The news agency Reuters has announced plans to cut 3,200 jobs over the next two years. This comes as part of a plan to cut business costs and streamline the company. After the 55% stake sale of the Financial and Risk unit to a private equity firm, they announced the plans in Toronto during an investor day.

Along with the cuts, they also want to reduce offices by 30% and increase annual sales to 4.5% by 2020. Shares of the company has risen 40% since May, and have already amassed $10Bn from the shares.

Cohen Media Group Purchases Theater Chain

Oscar-winning production and distribution company Cohen Media Group recently purchased Landmark Theatres. The chain, which is the largest independent theater chain, currently has 56 theaters in 27 cities, totaling to 252 screens.

The deal was announced earlier today at an undisclosed price. CMG has also announced that no changes to how the chain runs will be made.

NYC Adopts New Minimum Wage For Rideshare Drivers

New York City made history for being the first city to enforce a minimum wage for Uber and Lyft drivers. After expenses the wage, which is set at $15 an hour, will total to $17.22. This change, while celebrated by drivers, is not a welcome one to the rideshare companies.

Uber’s director of public affairs was the most vocal about the new change. He stated that while the change is good for drivers in the short run, the new wage will raise the ride fares and not deal with Manhattan’s congested roads. The new wage is expected to raise drivers income by $10k a year.

Stock Falls After Trump Tweets

Earlier today, stocks fell after President Trump tweeted about the trade deal with China. The tweet, which created confusion over whether or not the trade dispute was settled, referenced Trump’s desire to drive the US revenue up through tariffs. In response, various transportation and financial stocks fell.

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