Victoria’s Secret owner wants to sell the lingerie brand in a deal worth $2 billion or more – double what it previously asked for

Victoria's Secret
Victoria’s Secret has updated its brand image.

  • L Brands has reportedly restarted talks to sell Victoria’s Secret at a higher price than before.
  • According to Bloomberg, it wants a deal that could value Victoria’s Secret at $2 billion or more.
  • In May 2020, a private-equity firm pulled out of buying a 55% stake in the brand for $525 million.
  • See more stories on Insider’s business page.

L Brands, the owner of Victoria’s Secret, is reportedly on the hunt for a new buyer after a deal with a private-equity firm fell through last year, and is seeking more than double what it wanted before.

Sources familiar with the matter told Bloomberg wanted a deal that would value the brand at between $2 billion and $3 billion. Previously, Sycamore Partners had agreed to buy a 55% stake in the company for $525 million.

The private-equity firm pulled out in May 2020 after filing a lawsuit claiming Victoria’s Secret’s decision to close stores during the pandemic, cut back on new inventory, and not pay rent for April violated the two companies’ agreement. L Brands later said the decision to split was mutual.

A spokesperson for L Brands did not immediately respond to Insider’s request for comment on Friday morning. L Brands CFO Stuart Burgdoerfer confirmed to Bloomberg that the company wanted a considerably higher valuation this time round, after recouping lost sales at the back end of 2020.

“As a result of the substantial improvement in performance at Victoria’s Secret, various sell-side analysts have valued the business at as much as $5 billion,” Burgdoerfer told Bloomberg.

After several years of sliding sales, the Victoria’s Secret brand has made a comeback in recent quarters after reshuffling management and changing its brand image and marketing, which was accused of being outdated. In a recent note to clients, a group of Jefferies analysts described the brand’s progress as “admirable,” after it reported strong fourth-quarter results.

In March this year, former longtime L Brands CEO Les Wexner stepped down from the board after pressure from investors.

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Private equity is taking aim at advertising

Hi and welcome to Insider Advertising for March 30. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:

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Laura Held

14 top private-equity firms that are pouring billions into the advertising industry

Read the story.

Mathieu Roche, CEO of ID5

Read the pitch deck that a startup used to raise $6 million to save targeted advertising

Read the story.

T-Mobile CEO Mike Sievert.
T-Mobile CEO Mike Sievert.

T-Mobile pulled the plug on its streaming video service, TVision, just 5 months after launch

Read the story.

More stories we’re reading:

Thanks for reading and see you tomorrow! You can reach me in the meantime at and subscribe to this daily email here.

Read the original article on Business Insider

Apollo is offering some associates retention bonuses of up to $200,000 to stay on until 2022 after a year of insane hours and rapid-fire deals

Leon Black
Leon Black, who stepped down as CEO of Apollo Global Management on Monday.

  • Investment giant Apollo is offering some associates six-figure ‘retention’ bonuses in the wake of exits in New York City.
  • The bonuses range from $100,000 for first-years to $200,000 for third-years, according to two people briefed on the matter.
  • The bonuses will be paid in April and come with an agreement that associates stay until September 2022, these people said.
  • See more stories on Insider’s business page.

Investment giant Apollo Global Management is offering six-figure retention bonuses to some of its private-equity associates after several young executives quit the firm, Insider has learned.

Seven out of 30 New York City associates have left the firm in recent weeks, Insider previously reported. Current and former employees who spoke with Insider about the exodus described a relentless workload that has become even more intense during the pandemic as the firm – well-known for its distressed buying strategies – pounced on opportunities.

In an effort to stem the exits, Apollo has extended $100,000, $150,000, and $200,000 bonuses for first-year, second year, and third-year associates, respectively, to be paid in April, according to two people familiar with the matter. The bonuses come with the stipulation that associates stay with Apollo at least until September 2022.

And they come on top of pay packages that are already at the top of the market: First-year associates at Apollo receive a total of more than $450,000, according to these people, who declined to speak publicly to preserve their relationships at the firm.

Apollo executives Matt Nord and David Sambur, who co-lead the firm’s private equity group, have been making the offers to employees via phone calls, according to these sources.

Insider could not determine how widespread the bonuses were. One Apollo employee said several associates they had spoken with had not received the bonuses, meaning that the bonuses could have been offered to a select group of associates.

It could also mean that Apollo is in the early stages of rolling out the bonuses.

Joanna Rose, an Apollo spokeswoman, did not address the specific bonuses when asked, but said that the firm’s private-equity business has been and continues to be “extremely active,” putting more than $12 billion to work in the past year across a “diverse set of opportunities.”

“With recent wins such as Sun Country IPO, Diamond/HGV merger and Synnex/TechData merger, we continue to recognize the impact of our extraordinary teams,” she said.

The offers show how far one of the largest investment firms is willing to go to deal with a talent drain among its junior employees, who have grappled with burnout fueled by long-hours and remote work.

They come as concerns about associate morale have cropped up at financial services firms across Wall Street. Last week an internal presentation by 13 demoralized Goldman Sachs analysts described 100-hour work weeks and a mental and physical toll during COVID.

Firms have been taking steps to address the concerns, though no action has been as extreme as Apollo’s. Jefferies has offered Peloton bikes and other workout gear for junior staffers, while Goldman Sachs has vowed to improve conditions for junior bankers, though it has not yet said how.

The additional compensation will make associate jobs at Apollo – already one of the highest-paying entry points on Wall Street – even more lucrative. The typical starting salary of $450,000 for first-years comes with subsequent $100,000 raises annually; third-years can earn up to $725,000, according to these people.

The position offers a four-year career track to principal and, from there, partner – a position that typically earns millions of dollars annually.

Young executives are key to the private-equity group’s success, handling the grunt work of preparing presentations and analyses that higher executives use to evaluate and pursue deals.

The group has been active in recent months, buying a $1.2 billion stake with Silver Lake Partners in the travel website Expedia and a $1.75 billion interest in the grocery-store operator Albertsons. It also recently completed a $2.25 billion deal to control and operate the Venetian resort and casino on the Las Vegas Strip.

Apollo’s new CEO, Marc Rowan, has signaled that he prioritizes making Apollo a more enticing place to work. Rowan has said in recent weeks that one of his primary areas of focus will be to improve Apollo’s famously ruthless culture.

Apollo had previously stated that Rowan, a co-founder at the firm who is credited with building its expansive insurance business, would take over the chief executive role from Leon Black, the company’s chief founder, who would relinquish the role by his 70th birthday in July.

In a surprise announcement on Monday, the firm stated that Black would step down immediately and also vacate his role as chairman of Apollo’s board, a position he had previously intended to keep. The firm’s announcement cited health issues as a reason for Black’s change of plans.

Black’s departure followed revelations in an investigation commissioned by Apollo and released at the beginning of the year that he had paid the convicted pedophile, Jeffrey Epstein, $158 million for tax and business services.

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Private equity buyers are circling ad agencies

Hi and welcome to Insider Advertising for February 16. I’m Lucia Moses, deputy editor, filling in for Lauren Johnson. Here’s what’s going on:

If this email was forwarded to you, you can sign up here for this daily insider’s guide to advertising and media.

Send tips, comments, suggestions to me at or @lmoses.

George Pyne

Private equity firms are looking to snap up ad agencies as the pandemic grounds traditional buyers

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ice age
The “Ice Age” franchise will remain at Disney.

Disney is shutting down the animation studio behind the ‘Ice Age’ movies. Some staffers say they’re shocked at the lack of communication and feel betrayed that its final movie won’t be released.

  • Disney is shutting down Blue Sky Studios, the animation studio behind the “Ice Age” movies.
  • Some staffers tell Travis Clark they were shocked by the announcement.
  • They said they felt betrayed because Disney is not releasing of “Nimona,” a film they were proud of.

Read the story.

TD Bank
TD Bank launches ad and media review.

TD Bank is reviewing its ad agencies, and it could mean a big loss for companies like Publicis and Havas

Read the story.

More stories we’re reading:

Thanks for reading and see you on Tuesday! You can reach me in the meantime at and subscribe to this daily email here.

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Stadiums have been empty. Here’s why Sixth Street is making a big bet on Legends, the company behind the New York Yankees and Dallas Cowboys luxury suites.

Jerry Jones
Dallas Cowboys owner Jerry Jones is a cofounder of Legends.

  • Sixth Street, a $50 billion global investment firm, made a majority investment in Legends, the hospitality management company launched by the owners of the New York Yankees and Dallas Cowboys. 
  • Sixth Street will join the partnership group alongside Legends cofounders Jerry Jones and Hal Steinbrenner. 
  • Legends is known for its luxury suites at sports and entertainment venues, including working with the New York Yankees, Dallas Cowboys, Real Madrid FC, and SoFi Stadium. 
  • Visit Business Insider’s homepage for more stories.

Legends Hospitality – the company best known for its luxury suites found at sports and entertainment venues – announced on Tuesday a majority investment from Sixth Street, a global investment firm with over $50 billion in assets under management.  

Founded in 2008 by Jerry Jones, owner of the Dallas Cowboys, and Hal Steinbrenner, owner of the New York Yankees, Legends partners with sports stadiums, event venues, and universities to provide a variety of hospitality management services. Its offerings include planning, sales, partnerships, merchandise, tech, and hospitality services. 

The Wall Street Journal reported Monday, ahead of the announcement, that Sixth Street was expected to value Legends at $1.3 billion – a marked increase from the $700 million valuation it received in 2017, according to Pitchbook

Read more: Private equity bet billions on live entertainment in 2019. Here’s how the coronavirus turned that investment thesis on its head.

The investment comes off the back of a difficult 2020 for the live sports and entertainment industry due to the COVID-19 pandemic. The majority of live events occurred with either limited or no spectators. 

“While this has been a challenging year for the sports and live entertainment industry, we passed the test and are now positioned for stronger, even more resilient growth,” Shervin Mirhashemi, president and CEO of Legends, said in a statement announcing the news. 

Sixth Street is not Legends’ first investment partner 

Sixth Street is not the first investor to back Legends.

Goldman Sachs served as a founding investor via what was formerly known as its merchant banking division, but exited its position in 2012, according to Reuters

See more: Silver Lake made a bold bet on a struggling Airbnb at the peak of the pandemic. Now that wager on the future of travel is paying off in a big way.

The company received a minority investment from New Mountain Capital, LLC in 2017. New Mountain will be bought out of its position in Legends as part of the new investment, according to a source familiar with the situation. 

The Yankees’ Steinbrenner, cited the importance of Legends’ previous investors throughout its growth.

“Since its founding, Legends has benefited from a series of committed investment partners, each critical to a particular stage of development,” he said in a statement. 

Despite COVID-19 challenges, Legends is staying optimistic

While the limiting of spectators to live events has certainly impacted Legends business, it’s also explored other avenues. What started as a focus on sports stadiums has expanded into new channels and partnerships across the globe.

As Legends has grown its suite of offerings, it has also expanded its repertoire of clients, partnering with the One World Observatory, Live Nation, SoFi Stadium, University of Notre Dame, and international soccer club Real Madrid. 

Making inroads in the attractions space, Legends partners with its clients to offer panoramic views of New York, Seattle, and London from the cities’ tallest buildings. 

Read more: It’s about controlling your dollar’: The inside story of how the New York Yankees and the Dallas Cowboys became the most valuable franchises in sports

Read the original article on Business Insider

Bonus predictions for Wall Street – Plaid’s breakout stars – How to get hired in PE

wall street

Welcome back. 

We’re in the homestretch of 2020, but lots still remains to be done in the closing weeks, including some high-profile IPOs.

If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Sign up here for our upcoming webinar ‘How to land a job in private equity’ on December 3 at 1 p.m. ET, featuring speakers from Bain Capital, The Carlyle Group, Apollo, and Odyssey Search Partners.

Like the newsletter? Hate the newsletter? Feel free to drop me a line at or on Twitter @DanDeFrancesco

Meet Plaid’s breakout stars

plaid power players 4x3

Plaid sits at the center of the fintech revolution, serving as the data pipeline between startups and traditional banks. 

Shannen Balogh with a great look at the key people at Plaid leading important initiatives across the organization.

From events to engineering to design, these are the employees getting stuff done at the $5.3 billion startup

Click here to read the entire story.

Wall Street is gearing up to pay out the best bonuses in years. Here’s a look at which trading and banking jobs will see the biggest windfall.

party champagne
Odessa, Ukraine September 28, 2013: Moet champagne Night club dj party people enjoy of music dancing sound with colorful light with Smoke Machine and lights show. Hands up in the earth.

Dakin Campbell and Reed Alexander with some great data, courtesy of Options Group, on predictions for Wall Street comp. Take a look at which divisions should see a big bump. Check out all the data here.

Here’s how 4 litigation financiers are thinking about data and analytics – and why some players think it’s an industry prime for disruption

Validity Finance's Will Marra, Legalist's Eva Shang and Burford Capital's David Perla.
Validity Finance’s Will Marra, Legalist’s Eva Shang and Burford Capital’s David Perla.

Artificial intelligence is bleeding into every industry. Litigation finance, or the business of investing in lawsuits, is no different. Jack Newsham has some great analysis on how the tech could be leveraged there, and what hurdles it still faces. Read more here.

Credit Suisse names 4 firms as likely deal targets after a fresh wave of asset management M&A – and pinpoints possible buyers

WisdomTree CEO and founder Jonathan Steinberg

Rebecca Ungarino has all the details from a Credit Suisse analyst note highlighting asset managers that could be acquired next. Read up on the four firms that could be next in line to be part of a deal. Check it out here

This banking-as-a-service fintech helping businesses embed payments tech into their apps just raised a $27 million Series A led Andreessen Horowitz

Wade Arnold, Moov
Wade Arnold, Moov founder and CEO

Carter Johnson with a nice read on a startup looking to help businesses embed payments tech into their apps. Learn more about the $27 million Series A that Moov just closed that was led by Andreessen Horowitz. Read more here

WATCH: 4 private-equity recruiting execs from top firms like the Carlyle Group, Apollo, and Bain Capital break down how to land a job in the ultra competitive PE world

bi digital live event 9 private equity recruiting 4x3

In case you missed it live, here is Reed Alexander’s webinar on how to get hired in private equity. Check out the video, which includes recruiting execs from Carlyle Group, Apollo, and Bain Capital. Watch the full webinar here

Odd lots:

Jared Kushner’s name is radioactive in real estate right now. Some developers and investors say they’re avoiding deals with his family’s company, while others report they’re getting penalized for past partnerships. (BI) 

Tony Hsieh sold Zappos for $1.2 billion in his 30s. He was dead by 46. Inside his final Park City months, where he hoped to deliver more happiness as he spiraled. (BI)

I Started Trading Hot Stocks on Robinhood. Then I Couldn’t Stop. (WSJ)

New routes into quant and data jobs at top trading firms, hedge funds (eFinancialCareers)

In Record-Breaking Year, SPACs Avoid Gender Diversity Push (Bloomberg)

Merrill Makes Minor Tweaks to 2021 Comp Plan, Cuts Small Account Pay (Financial Advisor IQ)

Private equity firm Thoma Bravo raising blank-check acquisition vehicle: sources (Reuters)

Apollo rebuked in trial over bogus expenses (FT)

Read the original article on Business Insider