CBJ Morning Buzz: Red Ventures, Bankrate strike $1.4B deal; Big3 comes to Charlotte; Carolinas HealthCare settlement

Bankrate Inc. (NYSE:RATE) has agreed to be acquired by locally based Red Ventures in an all-cash transaction valued at roughly $1.4 billion, the companies announced this morning. Terms of the deal would have Bankrate shareholders receiving $14 per share, representing a premium of roughly 31% over the company's three-month average closing price, according to a news release. The merger will create a "scaled and diversified digital platform of consumer marketplaces," the release says.

“We’re excited to join forces with the Bankrate team, which has built an impressive and powerful platform of consumer-facing financial services content and brands,” says Ric Elias, CEO of Red Ventures, in that statement. “Our capabilities are highly complementary. We see significant potential to leverage our technology, strategic partnerships and digital expertise and build on Bankrate’s leading platforms to help more consumers find the financial services and products that meet their needs.”

The agreement has been approved by Bankrate's board of directors. The transaction is subject to shareholder and regulatory approval, and it is expected to close this year.

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In other news, hip-hop icon Ice Cube's Big3 basketball league, which puts on three-on-three matchups of some of the world's best players, made a stop in Charlotte over the weekend — check out scenes from the event in the accompanying photo gallery. The Los Angeles Times recently had a story about the Big3, which you can read here.

And The Charlotte Observer reports Carolinas HealthCare System will pay $6.5 million to settle charges of improper billing practices.

Top-read story on the CBJ website over the weekend: Corning division to develop nearly 200,000-square-foot HQ at Riverbend Village

In the national news:

• What to watch in markets this week: Tech stocks, the jobs report and more— CNBC
• Tesla's first mass-market car, the Model 3, hits production this week— The New York Times
• Health bill faces resistance from GOP governors— The Wall Street Journal

And the top-read story across the national bizjournals.com network comes from the Houston Business Journal: Baker Hughes shareholders OK GE deal, closing date set

Weather:

Expect mostly cloudy skies in the Queen City today, with isolated thunderstorms possible and showers likely this evening. Chances for storms will linger for the Independence Day holiday tomorrow, with temperatures topping out both days in the upper 80s. Find the latest Charlotte weather forecast here.

Traffic:

Get real-time updates on traffic conditions here.

Traveling for business today? You'll want to check the status of your flight before heading to the airport — you can do that here, at FlightStats.com.

Google business trends:

• India
• Narendra Modi
• Service Tax
• Donald Trump
• Purchasing Managers' Index
• Tesla Model 3
• Tesla, Inc.
• China
• Hong Kong
• Elon Musk

Sports:

Hometown celebrity Steph Curry has agreed to a five-year, $201 million extension— the richest contract in NBA history — with the Golden State Warriors, according to ESPN.

The Charlotte Hornets have officially signed Malik Monk, the team's first-round draft pick.

And the Charlotte Knights' home series continues this evening in uptown.

This week:

Tomorrow, BB&T Ballpark will host SkyShow 2017, billed as the Southeast's largest fireworks display. Tickets include seats inside the stadium for a baseball game featuring Team USA and Team Cuba as well as the fireworks. A street party is taking place outside the venue.

Here's a list of other activities taking place around the region for the Fourth of July.

Upcoming CBJ events include the CFO of the Year Awards celebration, a CBJ University session on communication skills between leadership and staff, and a CBJ BizMix networking event that offers a chance to meet the newsroom. Check out the calendar and register here.