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Richard Parsons, one of corporate America's most prominent Black executives who held top posts at Time Warner and Citigroup, died Thursday. He was 76. Parsons, who died at his Manhattan home, was diagnosed with multiple myeloma in 2015 and cited "unanticipated complications" from the disease for cutting back on work a few years later. The financial services company Lazard, where Parsons was a longtime board member, confirmed his death. Parsons' friend Ronald Lauder told The New York Times that the cause of death was cancer. Parsons stepped down Dec. 3 from the boards of Lazard and Lauder's company, Estée Lauder, citing health reasons. He had been on Estée Lauder's board for 25 years. "Dick was an American original, a colossus bestriding the worlds of business, media, culture, philanthropy, and beyond," Ronald Lauder said in a statement on behalf of the Lauder family. David Zaslav, the CEO of Time Warner successor Warner Bros. Discovery, hailed Parsons as a "great mentor and friend" and a "tough and brilliant negotiator, always looking to create something where both sides win." "All who got a chance to work with him and know him saw that unusual combination of great leadership with integrity and kindness," Zaslav said, calling him "one of the great problem solvers this industry has ever seen." Parsons, a Brooklyn native who started college at 16, built a track record of steering big companies through tough times. He returned Citigroup to profitability after turmoil from the global financial crisis and helped restore Time Warner after its much-maligned acquisition by internet provider America Online. Parsons was named to the board of CBS in September 2018 but resigned a month later because of illness. Parsons said in a statement at the time that he was already dealing with multiple myeloma when he joined the board, but "unanticipated complications have created additional new challenges." He said his doctors advised him to cut back on his commitments to ensure recovery. "Dick's storied career embodied the finest traditions of American business leadership," Lazard said in a statement. The company, where Parsons was a board member from 2012 until this month, praised his "unmistakable intelligence and his irresistible warmth." "Dick was more than an iconic leader in Lazard's history — he was a testament to how wisdom, warmth, and unwavering judgment could shape not just companies, but people's lives," the company said. "His legacy lives on in the countless leaders he counseled, the institutions he renewed, and the doors he opened for others." Parsons was known as a skilled negotiator, a diplomat and a crisis manager. Although he was with Time Warner through its difficulties with AOL, he earned respect for the company and rebuilt its relations with Wall Street. He streamlined Time Warner's structure, pared debt and sold Warner Music Group and a book publishing division. He also fended off a challenge from activist investor Carl Icahn in 2006 to break up the company and helped Time Warner reach settlements with investors and regulators over questionable accounting practices at AOL. Parsons joined Time Warner as president in 1995 after serving as chairman and chief executive of Dime Bancorp Inc., one of the largest U.S. thrift institutions. In 2001, after AOL used its fortunes as the leading provider of Internet access in the U.S. to buy Time Warner for $106 billion in stock, Parsons became co-chief operating officer with AOL executive Robert Pittman. In that role, he was in charge of the company's content businesses, including movie studios and recorded music. He became CEO in 2002 with the retirement of Gerald Levin, one of the key architects of that merger. Parsons was named Time Warner chairman the following year, replacing AOL founder Steve Case, who had also championed the combination. The newly formed company's Internet division quickly became a drag on Time Warner. The promised synergies between traditional and new media never materialized. AOL began seeing a reduction in subscribers in 2002 as Americans replaced dial-up connections with broadband from cable TV and phone companies. Parsons stepped down as CEO in 2007 and as chairman in 2008. A year later AOL split from Time Warner and began trading as a separate company, following years of struggles to reinvent itself as a business focused on advertising and content. Time Warner is now owned by AT&T Inc. A board member of Citigroup and its predecessor, Citibank, since 1996, Parsons was named chairman in 2009 at a time of turmoil for the financial institution. Citigroup had suffered five straight quarters of losses and received $45 billion in government aid. Its board had been criticized for allowing the bank to invest so heavily in the risky housing market. Citigroup returned to profit under Parsons, starting in 2010, and would not have a quarterly loss again until the fourth quarter of 2017. Parsons retired from that job in 2012. In 2014 he stepped in as interim CEO of the NBA's Los Angeles Clippers until Microsoft CEO Steve Ballmer took over later that year. "Dick Parsons was a brilliant and transformational leader and a giant of the media industry who led with integrity and never shied away from a challenge," NBA Commissioner Adam Silver said. Parsons, a Republican, previously worked as a lawyer for Nelson Rockefeller, a former Republican governor of New York, and in Gerald Ford's White House. Those early stints gave him grounding in politics and negotiations. He also was an economic adviser on President Barack Obama's transition team. Parsons, whose love of jazz led to co-owning a Harlem jazz club, also served as Chairman of the Apollo Theater and the Jazz Foundation of America. And he held positions on the boards of the Smithsonian National Museum of African American History and Culture, the American Museum of Natural History and the Museum of Modern Art in New York City. Parsons played basketball at the University of Hawaii at Manoa and received his law degree from Albany Law School in 1971. He is survived by his wife, Laura, and their family.
Denton ISD 'ahead of the game' in complying with state security requirementsPresident-elect Trump’s crushing reelection victory has driven much of the corporate media into despair, including Lesley Stahl and Van Jones. Tee hee. Van Jones is a far-left contributor at CNN, which is itself a far-left misinformation outlet that spreads conspiracy theories and promotes political violence. The disgraced Lesly Stahl hails from 60 Minutes, which is from a fake news outlet that, in an effort to rig the 2020 presidential election, lied about Hunter Biden’s laptop being Russian disinformation. 60 Minutes is a CBS News production, the same CBS News that rigged this year’s vice presidential debate. This might be a good place to stop, lay aside our political differences, and, as human being to human being, thank Van Jones and Lesley Stahl for the contributions they have personally made to destroy the influence and credibility of the legacy media. Normal People will never be able to thank them enough for exposing just how dishonorable and dishonest the media are. Anyway... Here’s Van Jones admitting that the “mainstream [media] has become the fringe and the fringe has become mainstream” through alternative media, especially podcasts. “There are people out there getting 14 million streams,” Jones admitted, “and we’re on cable news getting one or two million. The political class is way off.” And here is the comically pompous Lesley Stahl despairing over the same: “I’m extremely worried about the press. I despair. I worry greatly. We’re at the point where if [ sic ] the POTUS is going to say ‘Legacy media is dead.’ I’m very dark about it.” Eat it, sweetheart. If the knowledge that Lesley Stahl is despairing and in a dark place does not make you want to stand up and cheer, you must be a feminist. You see, throughout the 2024 campaign, the corporate media were Bruce Willis in The Sixth Sense . They didn’t know they were dead. Being ignorant of their own death, they played all their usual games assuming it would drag Kamala Harris — Celebrity Obama 2.0 — over the finish line. Stahl’s own 60 Minutes went so far as to dishonestly edit Kamala’s interview to make her sound smart. Van Jones’ own CNN raged on and on about Trump’s “Nazi rally” at Madison Square Garden and spread the hoax about Trump calling for Liz Cheney’s execution. Then... The “too big to rig” results came in on Election Night and it finally hit them: We’re dead . No one believes us anymore. Our influence is gone. We can’t rig elections anymore with our lies and hoaxes. Despair! Despair! Despair! Donald Trump visiting podcast after podcast, doing Joe Rogan, sitting down for a handful of Breitbart News interviews, is as big a sea change in politics as when John F. Kennedy embraced television in 1960. Radio was declared dead. TV was king. Well, now, the legacy media is dead and alternative media is king. But there is one important difference between 1960 and 2025, and that’s this: The 1960 switch was based on technology, the difference in what radio and TV offered. The 2025 switch is based on the legacy media’s credibility implosion, in other words... Springfield Bomb Threat Hoax Trump Called for Liz Cheney to Be Executed Hoax Violent Crime Down Under Biden/Harris Hoax Arlington Cemetery Hoax Kamala Was Never America’s Border Czar Hoax Russia Collusion Hoax Hands Up, Don’t Shoot Hoax Jussie Smollett Hoax Covington KKKids Hoax Very Fine People Hoax Seven-Hour Gap Hoax Russian Bounties Hoax Trump Trashes Troops Hoax Policemen Killed at Mostly Peaceful January 6 Protest Hoax Rittenhouse Hoax Eating While Black Hoax Border Agents Whipping Illegals Hoax NASCAR Noose Hoax Georgia Jim Crow 2.0 Hoax Trump Assaulted Secret Service Agents and Grabbed Steering Wheel of Beast Hoax MAGA Assaulted Paul Pelosi Hoax COVID Lab Leak Theory Is Racist Hoax Hunter Biden’s Laptop Is Russian Disinformation Hoax Joe Biden Will Never Ban Gas Stoves Hoax COVID Deaths are Overcounted Is a Conspiracy Theory Hoax Mass Graves of Native Children in Canada Hoax Trump Killed Japanese Koi Fish Hoax Trump Told People to Drink Bleach Hoax Hamas Hospital Hoax If Reelected, Trump Will Execute People Hoax The 900,000 Kids Hospitalized with Coronavirus Hoax Dozens of Environmental Hoaxes The Alfa Bank Hoax Libs of TikTok Murdered Non-Binary Teen Hoax Aaron Rodgers Sandy Hook-Truther Hoax ‘Bloodbath’ Hoax Biden ‘Sharp-as-a-Tack’ Hoax Iowa Poll Hoax And now the legacy media is dead: A death by credibility suicide... A death by a thousand self-inflicted cuts... I saw it happen in real time this year as the fake media launched one dishonest attack after another against Trump only to see the lie or hoax or double standard immediately swatted away in alternative media. And I use the word “swatted” deliberately because it was that easy to debunk and correct the record. Why? Because we have the power now. Don’t get me wrong, these lying assholes in Big Media will always be around, but they have castrated themselves to a point where no one outside their asshole bubble listens anymore. What a wonderful thing to witness. FREE-FREE-FREE for the holidays: an autographed bookplate if you purchase John Nolte’s first and last novel, BORROWED TIME, between now and December 20. After you’ve made the purchase, email your request to JJMNOLTE at HOTMAIL dot COM with an address and any personalization requests. 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The best snowboard bindings to raise your game on the slopesNot enough Govt jobs, private sector holds key: CMRarely does a college basketball game provide such stark contrast between the sport's haves and have-nots as when Jackson State faces No. 9 Kentucky on Friday in Lexington, Ky. While Kentucky claims eight NCAA Tournament crowns and the most wins in college basketball history, Jackson State has never won an NCAA Tournament game and enters the matchup looking for its first win of the season. Impressive tradition and current record aside, Kentucky (4-0) returned no scholarship players from last season's team that was knocked off by Oakland in the NCAA Tournament. New coach Mark Pope and his essentially all-new Wildcats are off to a promising start. Through four games, Kentucky is averaging 94.3 points per game, and with 11.5 3-pointers made per game, the team is on pace to set a school record from long distance. The Wildcats boast six double-figure scorers with transfer guards Otega Oweh (from Oklahoma, 15.0 ppg) and Koby Brea (from Dayton, 14.5 ppg) leading the team. The Wildcats defeated Duke 77-72 on Nov. 12 but showed few signs of an emotional letdown in Tuesday's 97-68 win over a Lipscomb team picked to win the Atlantic Sun Conference in the preseason. Kentucky drained a dozen 3-pointers while outrebounding their visitors 43-28. Guard Jaxson Robinson, held to a single point by Duke, dropped 20 points to lead the Kentucky attack. Afterward, Pope praised his team's focus, saying, "The last game was over and it was kind of on to, ‘How do we get better?' That's the only thing we talk about." Lipscomb coach Lennie Acuff also delivered a ringing endorsement, calling Kentucky "the best offensive Power Four team we've played in my six years at Lipscomb." Jackson State (0-5) and third-year coach Mo Williams are looking for something positive to build upon. Not only are the Tigers winless, but they have lost each game by nine or more points. Sophomore guard Jayme Mitchell Jr. (13.8 ppg) is the leading scorer, but the team shoots just 35.8 percent while allowing opponents to shoot 52.3 percent. The Tigers played on Wednesday at Western Kentucky, where they lost 79-62. Reserve Tamarion Hoover had a breakout game with 18 points to lead Jackson State, but the host Hilltoppers canned 14 3-point shots and outrebounded the Tigers 42-35 to grab the win. Earlier, Williams, who played against Kentucky while a student at Alabama, admitted the difficulties of a challenging nonconference schedule for his team. "Our goal is not to win 13 nonconference games," Williams said. "We're already at a disadvantage in that regard. We use these games to get us ready for conference play and for March Madness." Jackson State has not made the NCAA Tournament since 2007. The Tigers had a perfect regular-season record (11-0) in the Southwestern Athletic Conference in 2020-21 but lost in the league tournament. Kentucky has never played Jackson State before, but the game is being billed as part of a Unity Series of matchups in which Kentucky hosts members of the SWAC to raise awareness of Historical Black Colleges and Universities and provide funds for those schools. Past Unity Series opponents have been Southern in December 2021 and Florida A&M in December 2022. --Field Level Media
The Indian Rupee continues its downward slide, hitting a fresh record low against the US Dollar today. Meanwhile, the stock markets ended the day with small losses after not being able to hold on to early gains. More from the markets, Tata Capital is gearing up for a huge ₹15,000 crore IPO in 2025. The company has brought in advisors to help with the listing, in line with the RBI's rule for big NBFCs to go public within three years. Share Market View All Nifty Gainers View All Company Value Change %Change On the macro front and ahead of the Union Budget, Prime Minister Modi sat down with economists and NITI Aayog officials for a closed-door meeting. This comes after India’s GDP growth for Q2 hit a 21-month low. From corporates, Dabur has taken Patanjali to court, claiming that an ad featuring Baba Ramdev wrongly says Patanjali's Chyawanprash is the "original" and puts down other brands. The Delhi High Court has agreed to hear the case but hasn’t stopped the ad from airing yet. In other news, India's telecom regulator, TRAI, promises to roll out new guidelines within a month to curb pesky calls. They’ve also said that telecom providers must offer at least one plan that only covers calls and texts, specifically for feature phones. The Election Commission has hit back at Congress’s claims over the Maharashtra elections, saying the increase in voter turnout between 5 PM and 11:45 PM is completely normal. They’ve also filed a case over allegations of voter list manipulation. From abroad, China is planning a record $411 billion in special treasury bonds next year as part of a fiscal stimulus to soften the blow of rising tariffs under a potential Trump administration. Back at home, North India is experiencing a cold wave, with temperatures dropping sharply. Heavy snowfall in Manali has left around 1,000 vehicles stranded, while Sonmarg in Kashmir also saw heavy snow. The Met Department has warned of a severe cold wave ahead. Rupee hits fresh low, drops 9 paise to end at 85.20 against US dollar The rupee extended its decline for the sixth consecutive session, depreciating 9 paise to close at a historic low of 85.20 (provisional) against the US dollar on Tuesday. The drop was attributed to a robust dollar, higher crude oil prices, and weak domestic equity markets. The rupee opened at 85.10 at the interbank foreign exchange and slipped further during intraday trade, touching an all-time low of 85.21 against the greenback By the close, it had settled at 85.20, marking a 9-paise loss from its previous close. On Monday, the rupee had ended 7 paise lower at 85.11. Read more PM Modi meets leading economists, seeks views on sustained long term growth for 2047 Prime Minister Narendra Modi met leading economists and experts on Tuesday, December 24, 2024, to discuss how India can become a developed nation by 2047. According to sources, the discussions extended beyond the immediate budget exercise, focusing instead on a broader long-term growth vision. In his third term, Modi is keen on implementing measures that would steer India towards becoming a "Viksit Bharat" (developed nation). The meeting centered on strengthening key sectors, including agriculture, MSMEs, and manufacturing. There were also in-depth discussions on how India can capitalise on the current geopolitical landscape to play a larger role in global value chains and create more jobs across various sectors. Click for full story Tata Group prepares for ₹15,000 crore IPO of Tata Capital in 2025 More than a year after the bumper listing of Tata Technologies, N Chandrasekaran-led diversified conglomerate Tata Group, has initiated work on the initial public offer (IPO) of the group's flagship financial services arm Tata Capital, three persons in the know told Moneycontrol. Tata Capital is a non-banking financial services (NBFC) firm and a subsidiary of the business group's principal investment holding company Tata Sons." Work has begun on the proposed initial public offer. This is to comply with RBI's norms for 'upper layer' NBFCs. No final call has been taken on the quantum, but the deal is expected to be a big-bang one in excess of ₹15,000 crore," said one of the persons above. Read here China to raise record $411 billion bonds in 2025, targets EVs and tariff challenges Chinese authorities have agreed to issue 3 trillion yuan ($411 billion) worth of special treasury bonds next year, two sources said, which would be the highest on record, as Beijing ramps up fiscal stimulus to revive a faltering economy. The plan for 2025 sovereign debt issuance would be a sharp increase from this year's 1 trillion yuan and comes as Beijing prepares to soften the blow from an expected increase in U.S. tariffs on Chinese imports when Donald Trump returns to the White House in January. Read more Rules against pesky calls in a month: TRAI Chairman Telecom Regulatory Authority of India (TRAI) has promised new guidelines against pesky calls and that they will be released in a month. Speaking to CNBC TV18 TRAI Chairman Anil Kumar Lahoti also defended the move to ask telecom service providers to offer a tariff plan without data, only for calls and text messages specifically designed for feature phones. Dabur takes Patanjali to court over Chyawanprash ad Dabur has accused Patanjali of making misleading claims in an advertisement featuring its founder, Baba Ramdev, Bar and Bench reported. In the ad, Ramdev says, “Jinko Ayurved aur Vedo ka gyaan nahi, Charak, Sushrut, Dhanwantari aur Chyawanrishi ke parampara mei ‘original’ Chyawanprash kaise bana payenge?” (loosely translated to: "Those who lack knowledge of Ayurveda and Vedic traditions cannot produce the 'original' Chyawanprash"). Dabur contends that this statement implies that only Patanjali's product is authentic, while other brands are inferior or fake. Read the full saga here No arbitrary addition or deletion in voters list in Maharashtra: EC tells Congress The Election Commission said there were no arbitrary additions or deletions of voters in Maharashtra where assembly polls were held in November. The response came after Congress raised the issue. The EC said it would not be correct to compare 5 pm voter turnout data with final polling data. It also explained how an increase in the voter turnout from 5 pm to 11:45 pm was normal, being part of the process of aggregation of voter turnout and how there can be bona fide but inconsequential differences in votes polled and votes counted. Read full story here Weather Update: IMD predicts cold wave in Himachal Pradesh, Ladakh; snowfall in Himalayan Region The India Meteorological Department (IMD) on Tuesday, December 24, predicted cold wave conditions over some parts of India, including Himachal Pradesh, Jammu and Kashmir, Ladakh, Gilgit and Punjab, among others. In its daily bulletin, the weather department stated that the western disturbance as a cyclonic circulation over north Pakistan and its neighbourhood now lies over Jammu and Kashmir and adjoining Himachal Pradesh. Under their influence, light to moderate rainfall or snowfall is expected on December 24 at isolated places over the western Himalayan region. More details here Veteran filmmaker Shyam Benegal dies at 90 Shyam Benegal, the maestro who turned Indian parallel cinema into a stage for raw emotions and hard-hitting truths, died on December 23, 2024, at the age of 90. A trailblazer of the New Cinema movement, Benegal didn’t just make films—he crafted stories that made audiences think, feel, and question. Known for blending unvarnished realism with unforgettable human drama, he redefined storytelling for an entire generation. As we bid farewell to this cinematic giant, let’s roll back the years with ten iconic gems that showcase why Shyam Benegal will forever remain the director who brought life to the screen like no other. Here are his top 10 masterpieces that redefined Indian cinema ISRO gears up for SpaDeX mission to demonstrate in-space docking on Dec 30 India's ambitious SpaDeX mission, aimed at developing and demonstrating in-space docking technology, is set for launch on December 30. The mission will be carried out using the PSLV-C60 rocket from the Satish Dhawan Space Centre, Sriharikota, the Indian Space Research Organisation (ISRO) announced. As part of the preparations, the PSLV-C60 launch vehicle was successfully integrated and moved to the First Launch Pad on December 21 for further satellite integration and final launch preparations. ISRO also shared a time-lapse video on its official X account, showing the rocket’s movement to the First Launch Pad, fully integrated up to PS4 at the PIF facility. You can watch the video here That’s all folks! Keep yourself up to date with the latest news, views and ideas to make money only on cnbctv18.com . Beyond #Newsroom Follow the CNBC-TV18 channel on WhatsApp Catch crispy news updates on the go!- CNBCTV18 Minis Watch all #videos under one segment- CNBCTV18 Binge We bring you real-time updates and analysis of the stock market- Real-time market updates Merry Christmas! We'll see you on Thursday with another engaging 'Top 10@10.'