Constellation Brands announced Tuesday that it will sell its Svedka vodka brand to New Orleans-based Sazerac, as part of a strategic move to optimize its wine and spirits portfolio amid declining performance in the segment.

• The deal is anticipated to close within the coming months, though the financial terms were not disclosed.
• Bill Newlands, Constellation’s CEO, described the transaction as aligning with efforts to reshape the portfolio for growth, adding, “This transaction is another step forward in seeking to ensure that our wine and spirits portfolio is optimized to succeed.”
• Constellation’s wine and spirits business has struggled compared to its thriving beer portfolio, which includes bestsellers Modelo and Corona.
  • Shipments for the segment fell by 9.8% year-over-year in Q2.
  • Net sales and operating income dropped 12% and 13%, respectively.
• CEO Newlands cited headwinds in the lower-priced wine and spirits category as a persistent challenge during the company’s October earnings call.
• Despite accounting for only 5% of Constellation’s total volumes in 2023, wine and spirits contributed 17% of net sales, with wine taking the lion’s share at 86% compared to 14% from spirits.
• Sazerac will integrate Svedka into its diverse portfolio, which already includes global brands such as:
• Buffalo Trace bourbon
• Fireball Cinnamon Whisky
• Southern Comfort
• Constellation will retain key spirits labels, including:
• High West Whiskey
• Mi Campo Tequila
• Casa Noble Tequila

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has announced his resignation effective January 20, 2025, coinciding with the inauguration of President-elect Donald Trump.

The SEC confirmed the news on Wednesday, and Gensler later addressed his departure on X, formerly Twitter. “I thank President Biden for entrusting me with this incredible responsibility,” Gensler wrote. “The SEC has met its mission and enforced the law without fear or favor.”

Gensler, who has served as SEC chairman since 2021, was appointed by President Joe Biden to oversee the regulatory agency during a period of intense scrutiny of financial markets and the cryptocurrency sector. His term was initially set to run until 2026, but it is customary for leaders of federal agencies to step down when a new administration takes office.

President-elect Trump had previously announced plans to replace Gensler “on day one” of his administration. This decision follows contentious legal actions taken by Gensler’s SEC against several cryptocurrency firms, which Trump and others have criticized as overly aggressive.

Gensler’s tenure has been marked by a crackdown on crypto markets and efforts to strengthen oversight of digital assets, moves that sparked both praise and criticism. Trump, a known skeptic of cryptocurrency regulations, has expressed starkly contrasting views on the industry, leading to tension between the incoming administration and the outgoing chairman.

During his tenure, Gensler focused on enhancing transparency and protecting investors across traditional and emerging financial markets. However, his approach, particularly toward the cryptocurrency sector, has drawn mixed reactions. Proponents argue that his actions brought much-needed regulation to the volatile digital asset space, while critics claim they stifled innovation.

The SEC has not yet announced an interim chair or a successor.

Logan Paul, a prominent social media influencer with over 23 million YouTube subscribers, is under fire for his involvement in cryptocurrency projects. Accusations have surfaced that Paul may have profited by allegedly misleading fans into investments that caused token prices to spike.

Paul’s influence in the crypto space has been growing over the past three years, as his videos increasingly reference blockchain technologies and investment opportunities. However, some critics argue his endorsements lack transparency, fueling speculation that he may have sold tokens at inflated prices after his promotions.

Adding to his challenges, Paul is embroiled in a multi-million-dollar lawsuit over CryptoZoo, a failed crypto project he backed. The venture was marketed as a play-to-earn game, but investors claim they lost significant sums when the project collapsed.

Paul has denied any wrongdoing in connection to both CryptoZoo and his other cryptocurrency activities. Despite the controversy, he remains a major figure in the influencer world, leveraging his platform to shape conversations and trends across various industries.