Mark Cuban to sell majority stake in Dallas Mavericks to Miriam Adelson

TheStreet’s J.D. Durkin brings you the biggest news of the day, including the passing of Charlie Munger and Mark Cuban selling the Mavericks.

Transcript

00:00 I'm J.D. Durkin reporting from the New York Stock Exchange and here is a look at what we are

00:03 watching on the street today. Investors are still digesting comments from Fed officials Tuesday,

00:08 which hinted that the central bank could be nearing the end of its ongoing rate hiking cycle,

00:14 with hopes of a potential rate cut. Fed Governor Christopher Waller said that there is "no reason

00:20 to keep rates really high" if inflation continues to come down. Separately, Wall Street is mourning

00:25 the loss of billionaire Charlie Munger. Munger served as the Vice President and second in

00:30 command to Warren Buffett at Berkshire Hathaway. Munger was 99 years old. Turning now to the

00:36 intersection of business and sports, Dallas Mavericks owner Mark Cuban is selling a majority

00:40 stake of the team to Miriam Adelson. She's the wife of the late Sheldon Adelson, the largest

00:45 shareholder of the Las Vegas Sands. Mark Cuban, who purchased the team for $285 million in 2000,

00:53 is selling at a valuation of $3.5 billion. To acquire the team, Adelson is selling $2 billion

00:59 worth of Las Vegas Sands Corp stock, which is about 10% of her entire stake. Known more for

01:05 political contributions, the family donated a record $218 million to Republican and conservative

01:12 causes throughout 2019 and 2020. The Adelson family will now own its first ever sports franchise.

01:19 Forbes lists Adelson as the fifth richest woman in the world with a net worth of more than $32

01:25 billion. As for Mark Cuban, the Shark Tank star will retain his role as governor of the franchise

01:30 as well as continue to control all basketball decisions. Cuban has a net worth of $6.2 billion.

01:36 That'll do it for your daily briefing. From the floor of the New York Stock Exchange,

01:40 I'm JD Durkin with The Street.

01:43 you

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