Amazon’s Blackburn stepping down

Amazon.com’s top media executive, Jeff Blackburn, plans to retire at the start of 2023, and the division will be overseen by two current executives who will report directly to Chief Executive Officer Andy Jassy.

Mike Hopkins, who is now in charge of Prime Video, Amazon Studios and Metro-Goldwyn-Mayer, will continue in his current role.

Steve Boom, who leads music and podcasting, will also take command of Audible, Twitch and the games business.

The transition will be effective Jan. 1, Amazon said in a memo to staff on Friday.

Blackburn oversaw high-profile changes at Amazon, helping lead the company into streaming and integrate the storied Hollywood movie studio MGM, which the company acquired for $8.5 billion in the midst of the pandemic.

Markets finish mostly down

Stocks and bonds saw a lot of instability after a hot jobs report fueled bets the Federal Reserve will keep tightening even as officials downshift the pace of hikes this month.

A selloff that drove Treasury 10-year yields at one point above 4.6% fizzled out.

Equities experienced a similar move, with the S&P 500 almost erasing a slide that earlier topped 1%. The dollar wavered.

Rather than boosting their bets for the Fed’s December meeting, tTraders increased their wagers on where rates will top out.

From wire reports