Cheddar morning business report for Feb. 7, 2018

Posted: Updated:
NEW YORK -

Steve Wynn has resigned as CEO of Wynn Resorts, the company he founded. It follows accusations of decades of sexual misconduct. Wynn will be replaced by Matt Maddox, who has been president of Wynn Resorts since 2013. Wynn recently stepped down as finance chair of the Republican National Committee.

Viacom is laying off dozens of workers, people familiar with the matter tell Cheddar. It comes as merger talks between Viacom and CBS are heating up. Viacom is the media conglomerate behind Paramount Pictures, Comedy Central, MTV, and Nickelodeon. A spokesperson declined to comment.

Snapchat could finally be turning things around. Shares of Snap Inc. jumped over 20 percent after hours, after reporting strong quarterly earnings. The company saw $285.7 million in revenue, a $30 million increase over last quarter The service added 8.9 million daily active users, a growth rate finally improving after Instagram Stories launched.
 

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