The Rice Krispies recipe has been rewritten: Kellogg’s has taken whole rice out of the cereal and replaced it with rice flour, citing “changing weather conditions” that it says are affecting the quality and availability of some of the rice and grains it uses. Coco Pops has been reworked too, and now uses a blend of rice flour and corn flour instead of rice.

Why the Rice Krispies recipe changed

Kellogg’s says the move helps it “maintain consistent quality” while weather patterns disrupt supplies. The Guardian framed the change as a sign of how the climate crisis is reaching the breakfast table. The company’s own explanation is more cautious and refers only to weather. A spokesperson acknowledged that even small tweaks to a much-loved product “can feel noticeable”. The company says the new versions were assessed for taste, appearance and texture, and that it is still listening to consumer feedback.

The allergen shift matters most

For many shoppers the most significant part of the change is not the texture but the allergen information. The updated recipes contain wheat gluten, so neither cereal is now suitable for people with coeliac disease or a wheat allergy.

Before, both products carried a “may contain gluten” warning because they were made in a factory that also handled gluten-containing cereals. That was a precaution about cross-contamination. Gluten is now a deliberate ingredient, so wheat must be declared as an allergen on the pack and highlighted in bold in the ingredients list. Kellogg’s says both boxes carry prominent labelling about the change. Households that have bought the cereals for years without thinking about it will need to check the packaging.

What stays the same

Kellogg’s says both cereals remain “non-HFSS”, meaning not classed as high in fat, salt or sugar. It also says they contain no artificial colours, flavours or sweeteners and keep the same levels of fibre, vitamin D and iron. Those points matter commercially, because HFSS status affects how products can be promoted in UK shops.

A brand under sales pressure

The timing coincides with weaker performance. The Grocer magazine says its Top Products Survey 2026, due next month, will show Rice Krispies sales falling in both value and volume. The sources do not link that decline to the reformulation, and Kellogg’s does not suggest a connection. Even so, a cereal losing ground has less room for a change that fans may notice or dislike.

Whether shoppers accept the new Rice Krispies recipe remains to be seen. The cereal still snaps and crackles, and Kellogg’s has not said whether the “pop” has changed. The effect on people who must avoid gluten is clear: two familiar products are no longer an option for them.

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File photo: 2020-05-03 09 09 37 A sample of Kellogg’s Rice Krispies cereal in the Franklin Farm section of Oak Hill, Fairfax County, Virginia.jpg by Famartin, CC BY-SA 4.0, via Wikimedia Commons.

Asda has a new chief executive, and he arrives with a clear brief: finish a recovery that has barely begun. David Potts, who ran rival Morrisons for eight years until 2023, takes the job with immediate effect, while Allan Leighton steps back to become non-executive chairman two years after returning to the business.

Asda says the handover was planned. Leighton had intended to leave day-to-day management after coming back in 2024, more than two decades after his first stint as chief executive. Even so, the timing puts a veteran grocery operator in charge just as the Christmas trading period gets under way.

Who is David Potts?

Potts is one of the best-known figures in UK grocery. Before Morrisons, he was chief executive of Tesco’s Irish business, its UK arm and its Asian operation. At Morrisons, based in Bradford, he led a turnaround during which the chain was bought by US private equity firm Clayton, Dubilier & Rice. Reports put his tenure at 2015 to 2023.

Leighton called his successor’s record “outstanding” and said Potts’s experience was “exactly what we now require for the next stage of our transformation and beyond.”

The scale of the task facing Asda’s new boss

The numbers explain why a change at the top matters. Asda, the UK’s third-largest supermarket chain, has been cutting prices aggressively to win back shoppers. It has been owned since 2020 by TDR Capital and the billionaire Issa brothers. Its latest accounts showed a pre-tax loss of £989 million for 2025, up from £599 million the year before. Adjusted earnings fell 33% to £761 million, partly because of spending on price cuts under its Asda Price and Rollback schemes.

A botched IT upgrade last year made matters worse, hitting product availability and denting sales. The Independent reported that the chain had also suffered nine consecutive quarters of falling like-for-like sales, alongside a shrinking market share.

There are some early signs of improvement. In August, Asda said sales had returned to growth for the first time in two years. Like-for-like sales, excluding fuel, rose 0.2% in the first seven weeks of the third quarter. That followed a second quarter in which revenue was £5.1 billion but like-for-like sales fell 2.3% and food sales dropped 1.9%. At the time, Leighton estimated the group was roughly a third of the way through its turnaround.

Prices first, then the wider strategy

The new Asda chief executive said the company had “made good progress but significant opportunities remain.” His stated priority is keeping prices low, and he argued that weekly improvements to the shopping trip would be something “customers can experience and feel in their pockets.” He also pointed to the business’s 116,296 staff, whom he called “very hard-working colleagues.”

With Christmas close, Potts said the business has “a clear focus on keeping Asda prices locked low.” Leighton’s “Formula for Growth” strategy, which aims to make Asda “more than a supermarket,” remains in the background, though Potts has not yet said how he will change it.

The appointment is a clear signal that Asda’s owners want an operator with experience of a large-scale grocery turnaround. Whether he can turn a 0.2% uptick into sustained growth, while still cutting prices and returning the business to profit, will be the test of his tenure.

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Brent crude, the global oil benchmark, fell 7% on Monday to under $106 a barrel at one stage, its lowest level since mid-October, as markets bet that Washington and Tehran may be edging toward a diplomatic exit from the Iran war.

A sharp reversal after a week near war-time highs

The drop reverses much of last week’s spike. Brent had climbed close to $118 a barrel, within touching distance of the peaks reached in the first aftermath of the war’s outbreak. Monday’s move suggests traders are now pricing in a lower chance of further escalation. Reports describe both sides as appearing more willing to avoid widening the conflict, and President Donald Trump has signalled he could push for a more diplomatic solution.

The coverage offers few specifics about the state of any negotiations. The market reaction rests on signals and tone rather than a announced deal, which helps explain why the price remains far above where many consumers and businesses would want it.

Borrowing costs and the Bank of England

The effects of cheaper crude spread quickly into UK financial markets. The yield on 10-year gilts dropped to 5.19% at one stage, its lowest in six weeks, as fears of building inflation eased. Energy costs feed directly into consumer prices, so a retreat in Brent crude takes some pressure off investors worried about the UK’s inflation path.

The Bank of England is still widely expected to raise interest rates on Thursday, from 3.75% to 4%, because UK inflation is rising. The potential change is in the messaging. If oil stays lower, policymakers may rein in their signals about further hikes, even if they deliver this one.

The US midterms as a hinge for oil

Kathleen Brooks, research director at XTB, said Tuesday’s US midterm elections will be key for both the conflict and the oil market. She noted that Trump had hinted at a possible restart of the war once the elections were over, though he has more recently expressed interest in a diplomatic route.

Brooks argued that a Democratic win in Congress could hasten a resolution. That outcome, she said, might push oil below $100 a barrel and lift investor sentiment more broadly. This is one analyst’s scenario, not a forecast of what will happen, and it depends on how the political results translate into policy on Iran.

For now, the picture is fragile. Brent crude has dropped sharply, but it was close to $118 only days ago, and the direction of travel will depend on whether the diplomatic signals become concrete and on what the midterm results mean for Washington’s approach. Traders face a pivotal week: the vote on Tuesday, then the Bank of England’s decision on Thursday.

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A tech rally in New York and a pullback in oil prices gave stock markets a lift on Monday, easing some of the anxiety that dominated trading last week. Investors in London, Paris and Frankfurt all finished the day in positive territory, while Wall Street was higher around the time European markets closed.

The FTSE 100 closed up 31.55 points, or 0.3%, at 10,761.33. The more domestically focused FTSE 250 did much better, gaining 342.49 points, or 1.4%, to end at 24,795.85. The AIM all-share added 0.6% to finish at 757.92. In Europe, the CAC 40 in Paris rose 1.0% and Frankfurt’s DAX 40 gained 0.6%. In New York, the Dow Jones Industrial Average was up 1.0%, the S&P 500 up 0.6% and the Nasdaq Composite up 0.7%.

Why the tech rally matters after last week’s falls

The bounce in technology shares followed heavy losses the week before, when investors began to doubt whether the huge sums going into AI infrastructure will ever pay off. Tom Stevenson, investment director at Fidelity International, summed up the mood. Investors, he said, no longer doubt that growth is coming, but they are starting to wonder whether they have paid too much for it.

He also pointed to the cost of money. The AI boom, he argued, is running into higher borrowing costs, and even the large cash flows of the big US cloud companies are being drained. That leaves the industry leaning more on equity and bond markets, and with yields at or above 5% “the case is harder to make”. On Monday, longer-dated US government borrowing costs eased slightly. The 10-year Treasury yield was quoted at 4.89%, down from 4.94% on Friday, and the 30-year yield fell to 5.25% from 5.31%.

Anthropic gave the sector some support. The AI company said its third-quarter revenue reached $17 billion, up from $1.4 billion a year earlier, an increase of more than 1,100%. It is preparing to list on Wall Street later this month. The figures are the company’s own, but they offered a counterweight to worries about whether AI spending can generate returns.

Oil falls on hopes of US-Iran progress

The other main driver was energy. Oil prices fell on hopes of progress in peace talks between the US and Iran. The sources give no price levels, but cheaper crude eased pressure on the cost-sensitive parts of the market and helped the broader rally.

Manufacturing data points to resilience

Economic data was mostly encouraging. The S&P Global US manufacturing PMI came in at 54.9 for October. That is well above the 50 mark separating growth from contraction, though down from September’s 52-month high of 55.9 and below the 56.0 analysts had forecast. The Institute for Supply Management’s gauge was stronger, rising to 55.5 from 54.5 and beating forecasts of 54.6. It was the tenth consecutive month of expansion. TD Economics’ Vikram Rai welcomed a fall in the prices index, which suggests input-cost pressures are easing after a sharp rise in September.

In the UK, the manufacturing PMI rose to a five-month high of 52.8, from 51.9 in September. S&P Global Market Intelligence’s Rob Dobson said manufacturers showed resilience in the run-up to the autumn budget.

What could move markets next

The week is crowded with events. Apple reports after the US market close on Monday, with chipmaker AMD following on Tuesday. Those results will test whether the tech rally has staying power. Friday brings the US nonfarm payrolls report. The US midterm elections also loom, and Goldman Sachs says polling points to a swing of about 10 to 11 percentage points towards the Democrats. Prediction markets imply high odds of a Democratic House majority of around 236 seats, while the Senate is less certain. Ebury analyst Diego Barnuevo said a Democratic sweep could be neutral to mildly positive for the fiscal outlook, as Congress could restrain President Donald Trump’s expansionary agenda and the deficit.

Closer to home, the Bank of England announces its rate decision on Thursday. It is widely expected to raise rates by 25 basis points to 4.00%. Bank of America analysts expect the hike but think the central bank will “gently push back” against the pace and number of future increases priced in by markets.

On currencies, sterling was quoted at $1.3417, up from $1.3396 on Friday, and eased slightly against the euro to 1.1980 euros. The euro rose to $1.1200, and the dollar edged up to 157.82 yen.

Greene King will have a new CEO from March 2027, and for the first time in the company’s 227-year history it will be a woman. Clair Preston-Beer, currently chief digital and commercial officer, is to succeed Nick Mackenzie, who steps down at the end of February after nearly eight years running Britain’s second-largest pub chain.

Who is the next Greene King CEO?

Ms Preston-Beer is an internal appointment. She joined Greene King in 2020 as managing director of pubs, and she later moved into the digital and commercial role she holds now. Before that she was a senior executive at Whitbread, where she helped expand the Costa Coffee brand in the UK and abroad ahead of its sale to The Coca-Cola Company in 2019.

Mr Mackenzie called leading the business “the privilege of my career” and described his successor as “exceptionally qualified”. He said he had worked closely with her for the past six years. He will stay on the board through next year to help with the handover.

A business in the middle of a reshaping

The new Greene King CEO takes over a company that is part-way through a significant overhaul. Mr Mackenzie led it through its 2019 takeover by Hong Kong conglomerate CK Assets and has since been remodelling both the pub estate and the brewing side.

In March the company said it would move about 300 managed pubs into a separate business division, with roughly half of them earmarked for sale. In May it agreed to sell Old Speckled Hen to the owner of Estrella Damm. That deal is part of a move away from brewing beer for retailers and supermarkets. In the long term it will mean closing the Westgate Brewery in Bury St Edmunds, although a new facility is being built in the town.

The group employs around 38,000 people and operates about 2,500 pubs, restaurants and hotels, so the changes are large in scale.

Technology at the centre of the pitch

Ms Preston-Beer’s first comments suggest continuity rather than a change of course. She described an “ambitious strategy in place that is focused on growing share in a challenging environment”. She said technology would be central to it, adding that the company has “prioritised investment in data and AI to ensure that every pub is easier for our teams to run, every customer experience more personal and every decision better informed”.

That emphasis fits her background. Her current brief combines digital and commercial responsibilities, and the strategy she describes leans on both. The sources do not give financial details of the investment or say how AI will be used in pubs, so it is unclear how far the plans have progressed.

The announcement also stresses a smooth transition. Mr Mackenzie is staying on the board, and the two have a long working relationship. For a company still disposing of pubs and restructuring its brewing operations, that continuity may matter as much as the historic first. The next Greene King CEO will be judged on whether the pub sale programme, the brewery shift and the technology investment deliver in what the company itself calls a challenging environment.

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Ian Thomas, the chief executive of the City of London Corporation, has been named the most influential Black Briton in the 2027 Powerlist, placing first in a ranking now in its 21st edition.

Mr Thomas, 57, serves as Town Clerk and chief executive of the body that governs the Square Mile. He is the 51st person to hold the post and the first Black person to lead the organisation in its more than 900-year history. The list, published by Powerful Media, recognises the most powerful people of African and Caribbean heritage in the UK.

Who joined the most influential Black Briton in the top 10?

The rest of the top 10 spans law, international affairs, business, technology, entertainment and the military. Comfort Ero, president and CEO of the International Crisis Group, is second. Professor Grace Ononiwu, director general of legal delivery at the Crown Prosecution Service, is third. Emma Grede, co-founder of Good American and a founding partner of Skims, takes fourth.

Pamela Maynard, chief AI transformation officer at Microsoft MCAPS, is fifth, followed by Dragons’ Den panellist Steven Bartlett. Josh Siaw, a partner at White and Case, is seventh. Sir Idris Elba is eighth, Dr Martens chief executive Ije Nwokorie ninth, and Air Vice-Marshal Ola Fashade of the Ministry of Defence’s Defence Digital unit tenth.

Awards night at Grosvenor House

The list was released on Saturday, after the Celebration of Black Excellence Awards at Grosvenor House in London on Friday night. The ceremony was hosted by Tim Campbell, the winner of the first UK series of The Apprentice.

Actor Ashley Walters, 44, who is also on the list, received the Paramount Entertainer Award. He is known for playing Detective Inspector Luke Bascombe in Netflix’s Adolescence and drug dealer Dushane in Channel 4’s Top Boy. Sir Lenny Henry, 69, received a Lifetime Achievement Award for his contribution to British culture and society. He co-founded Comic Relief, which has raised more than £1 billion for charity, and set up the Sir Lenny Henry Centre for Media Diversity and the production company Esmerelda Productions.

Why the Powerlist says it matters

Michael Eboda, chief executive of Powerful Media, said the list’s purpose has not changed: to show young people of African and African-Caribbean heritage what is possible in fields they might never have considered but which are within reach. He pointed to the breadth of examples after 21 editions, citing boardrooms, public office, the Square Mile and the armed forces.

That reference to the Square Mile is notable this year, given that the person named most influential Black Briton leads its governing body. Previous winners include former British Vogue editor-in-chief Edward Enninful and Formula One champion Sir Lewis Hamilton, so Mr Thomas joins a list of leaders drawn from very different fields.

For Mr Thomas, the ranking comes with a historic first attached. The Powerlist’s organisers say they hope that kind of milestone will encourage the next generation to aim for similar roles.

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Virgin Media O2 job cuts could affect as many as 4,000 people, roughly a quarter of the company’s 16,000-strong workforce, according to reports that emerged on 31 October. The figures trace back to Sky News and have been repeated by the Daily Mail and the Mirror. The company has not yet confirmed them, and the reports stress that the final numbers are still shifting.

The telecoms group is jointly owned by Liberty Global and Telefónica. It is under pressure from investors over a debt pile of about £22 billion. Cutting costs appears to be the centrepiece of its response.

What is being reported about the job losses

The reporting describes a restructuring that has been in preparation for some time. Most of the roles at risk are said to be in non-customer-facing parts of the business, rather than in shops or call centres. Changes to several senior leadership positions are reportedly already under way.

The company is also said to be reviewing its use of contractors and suppliers as another way to trim spending. Officials at the Communication Workers Union and Prospect are understood to have been briefed on the plans.

Redundancies are expected over the coming months rather than all at once. One source quoted by Sky said the final cost-reduction figures were “still moving around.”

Why a financial target matters more than a headcount

The next piece of news is due on Tuesday, when Virgin Media O2 publishes its third-quarter results. According to the reports, those results are expected to confirm a cost-cutting target expressed in financial terms rather than as a specific number of jobs. That suggests the 4,000 figure is best read as an indication of scale, not a settled commitment. One account describes it as the upper end of what is being discussed.

Debt, bonds and a regulatory decision

Pressure on the company has been building for months. The Mirror points to a Financial Times report in July that the business was weighing options for its debt, including cutting its dividend and capital spending. The price of its bonds fell sharply and, according to the Mail, hit record lows earlier this month.

A separate regulatory question adds to the uncertainty. The Competition and Markets Authority has warned that Nexfibre Networks’ planned £2 billion purchase of Netomnia could reduce competition in UK broadband. Nexfibre is a joint venture backed by Liberty Global and Telefónica. If the deal goes ahead, Virgin Media O2 could receive about £1 billion in cash to help with its borrowing. The CMA is due to deliver its final ruling on 15 December.

The Mirror also reports that the company is edging closer to a deal to use Openreach’s network in some areas. That could lift its reach from 19 million homes to as many as 25 million.

A wider squeeze on UK telecoms

The reported Virgin Media O2 job cuts come against a backdrop of upheaval across the sector. The Mirror notes that BT Group and Vodafone Three have also cut jobs as costs rise, and that Sky shed hundreds of roles in September last year. It also cites the collapse of TalkTalk Telecom Group, which BT took over, and the failure of a number of smaller fibre network builders over the past two years.

Taken together, the picture is of an industry that has spent heavily on network upgrades and is now facing the bill in a weak economy. Virgin Media O2’s size, and the scale of the reported cuts, make it one of the more significant examples.

What to watch next

Tuesday’s results should show how the company frames its savings target and whether it addresses headcount at all. The CMA’s December ruling will then matter for the company’s balance sheet. Virgin Media O2 had been contacted for comment, and none was included in the reports reviewed here. Until the company speaks, the scale and timing of any redundancies remain unconfirmed.

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File photo: Manchester Pride 2025 Virgin Media O2.jpg by Rathfelder, CC0, via Wikimedia Commons.

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The FTSE 100 managed a marginal gain on Friday, finishing up 7.71 points, or 0.1%, at 10,729.78. The result looked calm next to the sell-off in New York, where worries about the cost of the artificial intelligence boom dragged technology shares sharply lower.

FTSE 100 holds steady while smaller indices slip

London’s blue-chip index drifted in and out of positive territory through the afternoon before ending in the black. Beneath the surface, the picture was weaker. The FTSE 250 lost 220.80 points, or 0.9%, to close at 24,453.36, and the AIM all-share fell 1.4% to 753.08. Over the full week, the FTSE 100 gained 0.4%, while the FTSE 250 and AIM both rose 0.9%.

Sterling had a good day. It topped 1.20 euros for the first time since April 2025 and was last quoted at 1.1996 euros. Against the dollar it rose to 1.3396 from 1.3369 at Thursday’s London close.

Wall Street takes the brunt of the AI reality check

Around the London close, the Dow Jones Industrial Average was down 0.8% and the S&P 500 was 1.6% lower. The tech-heavy Nasdaq Composite plunged 2.7%. Earnings reports from big names fuelled the sell-off. Alphabet fell 12% on Thursday, and on Friday Intel slumped 30% and Amazon lost 1.6%, with investors unsettled by their results.

AJ Bell analyst Dan Coatsworth called it an “AI reality check”. He argued that investors who had long treated tech as a “golden ticket to wealth creation” now appear to want off the treadmill rather than to slow it down.

SPI Asset Management’s Stephen Innes offered a sharper diagnosis. In his view, AI spending creates demand, demand creates scarcity, and scarcity creates pricing power, which pushes the cost of the buildout still higher. “Then Wall Street turns around and asks the hyperscalers why the buildout has become so expensive,” he said. Hyperscalers are the large cloud providers, including Microsoft, Amazon Web Services and Oracle.

Europe feels the data centre drag

The nervousness crossed the Atlantic. Frankfurt’s DAX 40 fell 0.9%, weighed down by Siemens Energy, Infineon Technologies and Hochtief, all of which have sizeable data centre exposure. Paris’s CAC 40 ended flat, though Schneider Electric, which also serves data centres, finished lower.

In London, the damage was concentrated in AI-linked names rather than the wider index. Polar Capital Technology, an investment trust holding many of the US tech giants that fell, shed 6.0%. Computacenter, an Nvidia partner and reseller of IT infrastructure, dropped by the same amount.

NatWest sinks, AstraZeneca soars

The biggest mover on the downside in the FTSE 100 was not a tech firm. NatWest fell 8.8% after giving guidance on net interest margin that unsettled the market, even though its third-quarter results were broadly in line. Operating pretax profit rose 1.9% to £2.23 billion, just ahead of the £2.20 billion consensus. Lower costs offset higher impairments and a slight miss on net interest income. Chief financial officer Katie Murray said the bank expects its margin to remain “broadly stable through 2027”.

AstraZeneca went the other way, rising 7.0%. The drugmaker reported pretax profit up 22% to $3.96 billion, from $3.24 billion a year earlier. Revenue climbed 6.7% to $16.21 billion. It maintained its full-year guidance for revenue growth in the mid-to-high single digits.

Oil jumps, gold slides, Treasury yields ease

Elsewhere, Brent crude rose to $117.61 a barrel from $113.75 on Thursday, touching around $118, its highest level since April. Investors continued to watch the Middle East conflict and the war between Russia and Ukraine. Gold moved in the opposite direction, falling to $3,898.22 an ounce from $4,012.39. It dipped as low as about $3,891, its weakest in more than a year.

US government borrowing costs eased slightly. The 10-year Treasury yield narrowed to 4.94% from 5.00%, and the 30-year yield to 5.31% from 5.33%.

Friday’s session suggests the FTSE 100 is somewhat insulated from the AI trade, given its lighter tech weighting than Wall Street. But the losses at Polar Capital Technology and Computacenter, along with the weakness in Frankfurt, show how far the mood around AI spending can reach.

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The Skydance communications team now has a defined shape, about three weeks after the Paramount-Warner Bros. Discovery merger closed. Chief communications officer Melissa Zukerman laid it out in a Friday memo to staff. It names four senior lieutenants, adds a new function aimed at bypassing traditional media, and confirms that seven communications executives from the two legacy companies are leaving.

Who is in, and who is out

Zukerman’s top four are Laura Watson, Shannon Buck, Virginia Fout and Deborah Marcus. Watson, an EVP, will lead corporate, executive and strategic communications. She was Zukerman’s deputy at Paramount and had arrived from Warner Bros. Discovery in mid-2025. Buck, also an EVP, takes corporate communications and media relations. She previously headed communications for Paramount+, a role that effectively disappeared when Paramount’s and WBD’s streaming businesses were combined under HBO and HBO Max leaders Casey Bloys and JB Perrette, according to Deadline. Fout becomes head of global and executive events after running her own events company, V Productions. Marcus, an SVP who joined Paramount in August 2025, will lead corporate social responsibility.

The exits fall heavily on the Warner Bros. Discovery side. Leaving are Adrienne O’Hara, WBD’s chief communications and public affairs officer, along with Arielle Falkowitz, Megan Klein, Joe Libonati, Heather Wagoner and Dennis Williams. Paramount’s Karen Shosfy is also departing. Deadline noted that Libonati had worked closely with Zukerman throughout the merger process. The two outlets differ slightly on titles. Variety lists Wagoner as a WBD executive, while Deadline lists her under Skydance. Either way, she is among those leaving.

The lineup suggests a structure built mainly on the Paramount model. Three of the four named leaders came from Paramount, and Fout is an outside hire. Deadline described the new structure as employing the Paramount approach.

A “direct to market” bet

The most notable change is a new “direct to market” function. Zukerman said it will focus on expanding executive storytelling across the company’s owned-and-operated platforms and finding new channels and formats. In her words, it will give the company “more ways to tell our own story, in our own voice, directly to the people we want to reach.”

That reflects a wider shift in corporate communications, as companies with large audiences of their own lean less on intermediaries. For a media group that owns CBS and a combined streaming business, the pitch is easy to see. The company controls many of the platforms it would otherwise be trying to get onto.

Zukerman also plans to hire “dedicated leaders” for financial communications and for product and technology communications. She tied the latter to areas she expects to grow in importance, including AI tools for filmmakers and creatives and advertising sales.

Tying comms to company strategy

The memo links the department’s mission to the priorities set by co-CEOs David Ellison and Ynon Kreiz. Those are to establish Skydance as the premier Hollywood content engine, to accelerate its integrated direct-to-consumer platform, and to optimize its profitable linear television portfolio, anchored by CBS. Zukerman added that the company wants to be the most technologically capable media company while keeping “human creativity at the heart of great storytelling.”

She also said the team’s job includes telling the stories of the company’s challenges as well as its triumphs, and that it should “show, not tell.” Those are notable words in a memo that also delivers a round of layoffs-style departures.

The communications reshuffle is one of several leadership announcements as the combined company settles its org chart. Deadline pointed to similar rosters from the company’s sports chief and from JB Perrette’s TV and direct-to-consumer group. The remaining open question for the Skydance communications team is who will fill the new financial and technology communications posts.

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Poundland has filed a notice of intention to bring in administrators, a step that puts the jobs of around 12,000 people in doubt and starts a ten-working-day countdown to find a rescue. Court filings show the notice was lodged on Thursday afternoon, and AlixPartners is understood to be the firm that will be appointed.

The notice creates a legal moratorium, shielding the discount chain from creditors while advisers try to land a deal. Poundland insists its stores, which number around 600 in the UK according to most reports, remain open and trading as normal. City AM put the footprint at 640 across the UK and Ireland.

Why Poundland administrators are being lined up

The immediate trigger was a failed sale. Poundland’s owner, the US firm Gordon Brothers, bought the business for a nominal £1 last year and launched a sale process in early September. Management named Irish property group Martin Property Group as its preferred bidder earlier this month, but Gordon Brothers rejected the offer.

Reports point to a dispute over a loan. Gordon Brothers is said to have wanted bidders to cover £30 million, and Martin Property Group declined to pay it, according to City AM’s sources. City AM adds that three new directors, brought in to speed up the sale, resigned this week over the owner’s refusal to accept the bid. In a memo to staff, managing director Barry Williams called the situation “unexpected, unwanted and wholly avoidable.”

Who might buy what

Poundland’s board says no acceptable offer emerged for the whole business, but several established retailers have made formal offers that together cover “a significant part” of it. Those named as interested in parts of the estate include CDS Superstores, which owns Wilko and The Range, Poundstretcher owner Fortress, and TG Jones owner Modella. Reports also name B&M and Lidl, with Aldi mentioned by one outlet and Iceland by another.

The catch is that a break-up is unlikely to save everything. Deals probably will not take in every shop, and some jobs are expected to go. City AM reports that bidders have committed to taking on staff at the stores they acquire under TUPE rules, which protect employees when a business changes hands. It also notes that a carve-up could mean the end of the Poundland brand.

Political and union pressure

The retail union Usdaw has been blunt. It called Gordon Brothers an “absolute disgrace” and said the owners’ failure to accept a solvent offer suggests they are content to let the company fall into administration, with 11,000 redundancies in the run-up to Christmas. National officer Bally Auluk urged the government to “take robust action.” City AM reports that business secretary Jonathan Reynolds has written to Gordon Brothers to establish the facts.

There is a local angle too. City AM notes that Poundland’s distribution centre in Makerfield is in the Prime Minister’s own constituency. Martin Property Group had promised to protect the site, but its future looks less certain if the retailer is split up.

What happens next

Gordon Brothers had overseen a turnaround programme that included closing more than 100 shops in the past year. That was not enough to settle the company’s finances or the argument over its ownership. Over the next two working weeks, the Poundland administrators-in-waiting will weigh offers, and the outcome will determine how many stores survive and how many of the roughly 12,000 staff keep their jobs.

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File photo: Fomer Wilko store in Chester became Poundland.jpg by Nabokov, CC0, via Wikimedia Commons.