A new era for Time Magazine

When Time magazine started in 1923, it hit upon a popular formula: short, punchy items that aggregated the week’s events and came in an entertaining package. But the newsweekly could never compete with the digital version of its own blueprint: the internet. Time’s sales and profits have been shrinking, a situation that made it difficult to sell the magazine. In March, Meredith announced that it would put Time up for sale. After nearly six months, Time found its new owners when the software titan Marc Benioff and his wife, Lynne, agreed to pay $190 million in cash for the magazine.

Express Scripts, Cigna get the OK

Federal officials Monday gave the go-ahead to the proposed merger between Cigna, one of the nation’s largest health insurers, and Express Scripts, a major pharmacy benefit manager. The $52 billion deal, announced in March, is one of two proposed transactions involving pharmacy companies before the Justice Department. In December, Aetna, another insurer, announced its plan to join forces with CVS Health, the drugstore chain that is the main rival to Express Scripts, in a $69 billion deal.

Shorting cannabis stocks gets costly

Betting against cannabis stocks has come with large losses and big fees this summer. Since the start of August, shares of publicly traded pot stocks have gained 30 percent, on average, according to IHS Markit. Over that period, short sellers have lost $626 million, according to S3 Partners. What has driven the rally? Deregulation and interest from some of the biggest beverage companies.

— From staff, wire reports