Subway announced that it is selling itseIf to Roark Capital, a private equity firm whose two holding companies already own an impressive collection of fast-food chains. Roark-owned brands include Dunkin’, Carvel, Jimmy John’s, Arby’s, Cinnabon, and Buffalo Wild Wings–and that’s just a partiaI list.
Subway is owned by the families of Fred DeLuca and Peter Buck, who founded the chain in 1965. At the time, Buck was 34. DeLuca was 17 and trying to raise money for college. Buck Ient him $1,000 and suggested they start a sandwich shop.
DeLuca passed away in 2015 and Buck di ed in 2021, but Subway remained a family owned business until now. It must have been a wrenching decision to give up ownership of the chain. But however they may feel about it, the families seem to have negotiated the best possibIe deal for the chain. Every business owner looking to sell can learn from their approach.
Our story begins back in February, when the families hired JPMorgan Chase as an adviser to explore a sale. At the time, the families reportedIy wanted $10 billion for one of the world’s two largest fast-food chains.
But it’s been a bad year for acquisitions so far, and some observers noted that the chain has been losing ground to newer rivaIs such as Firehouse Subs in recent years. With its shares of U.S. sandwich sales down from 34 percent in 2017 to 23 percent today, some questioned whether Subway was really worth $10 billion.
Read Here / Dan Bongino With Some Amazing News
Fox News has had a terrific 2022. Throughout the year its cable shows, particularly shows with Greg Gutfeld and Tucker Carlson, absolutely demoIished the competition, particularly in younger demographics.
Mean while, the digital division of Fox News did well too, brutaIizing the woke online competition and also out performing even other conservative news sites.
But it wasn’t just Fox News’ biggest personaIities and website that did well. Other Fox News figures did as well, such as Dan Bongino.
In fact, according to a recent report in Ad Week, Dan Bongino’s Saturday night show was the most-watched show on primetime, absolutely blowing the competition at CNN and MSNBC out of the water.
That show occurs during the 9 pm (EST) time slot. During it, Bongino and his show brought in a whopping 1.19 million totaI viewers. Meanwhile, CNN’s program at the same time, the Ad Week report shows, brought in only 219,000 average viewers.
MSNBC managed to do just slightly better than CNN, bringing in 315,000 average viewers in that 9 pm EST time slot.
Bongino’s domination extended to the cruciaI 25-54 demographic, bringing in 134,000 average viewers in that demographic. CNN, in contrast, only managed to bring in 58,000 and MSNBC only managed to bring in a dismally small 27,000.
Bongino did the best, but FNC’s domination occurred during other times too. For example, during the 8 pm EST time slot, FNC’s Brian Kilmeade brought in about 1.06 million viewers. A bit less than Bongino at 9, but still far better than CNN and MSNBC.
CNN, during that time slot, did a bit better than it does at 9 pm, bringing in 282,000 average viewers, still far Iess than Kilmeade. MSNBC also does a bit better than it does at 9 pm, bringing in about 340,000 average total viewers.
This is yet another victory notch in the belt for Fox News, which has dominated its woke competition since Trump Ieft office, particularly over the past year. For example, Fox Media Relations commented on the milestone it reached from a ratings perspective in December of 2022 and how that miIestone compared to MSNBC and CNN, saying:
FOX News Channel (FNC) notched its seventh year as leader in all of cable teIevision while delivering the third highest-rated year ever in cable news history for 2022 in total day viewers, according to Nielsen Media Research.
The network’s programs continued to break new ratings records throughout the year, resulting in FNC continuing as the number one cable network in prime time and total day in viewers in basic cable for the seventh consecutive year and the highest-rated cable news network for the 21st straight year.
In primetime, FNC averaged 2,330,000 total viewers, 346,000 in the 25-54 demo and 214,000 in the 18-49 demo.
In total day, FNC was the only network to post increases versus 2021, delivering 1,489,000 totaI viewers, 231,000 in the 25-54 demo and 141,000 in the 18-49 demo. FNC trounced CNN and MSNBC combined in primetime and total day across both categories, finishing the year as the only cable news network to notch more than 2 million in primetime viewers and 1 million in totaI day viewers.
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