Hi and welcome to Insider Advertising for May 4. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:
- Verizon sells its media business.
- Adidas toughens agency payment terms.
- Inside Clubhouse Media Group.
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Verizon just sold AOL and Yahoo for $5 billion, and the new company will be known as ‘Yahoo’ going forward
- Verizon is selling AOL and Yahoo for $5 billion.
- The new owner is private equity firm Apollo Global Management.
- Going forward, AOL and Yahoo will be known solely as Yahoo.
Adidas is requiring some ad agencies to pay back more than 10% of their earnings, squeezing small firms
- Adidas has toughened its payment terms for some ad agencies, Patrick Coffee reported.
- It’s calling for some agencies to pay back more than 10% of the money they make from Adidas.
- Some agency execs said the practice is unusual and puts financial pressure on small and midsize firms.
A startup promised influencers the Hollywood dream, replete with a mansion. But some insiders say its CEO bullied talent, made misogynistic comments, and treated their personal lives like ‘a game.’
- Clubhouse Media Group built a business running a chain of TikTok influencer mansions.
- Talent, who lived rent-free, said CMG’s CEO often yelled and would try to set them up on unwanted dates.
- CMG filed two defamation suits against former house members in March.
More stories we’re reading:
- TikTok is now the No. 2 platform for influencer marketing, according to a survey of 163 enterprise marketers (Insider)
- Barbie is launching its biggest ad campaign in five years as it tries to keep its sales momentum going (Insider)
- I was a 35-year-old global head of communications who landed in the hospital from extreme stress and burnout. It was the push I needed to finally leave agency life and put my wellness first. (Insider)
- Away’s new CEO reveals how she’ll revive the luggage startup after sales slumped by 90% during the pandemic – while being 8-months pregnant (Insider)
- Apple and the maker of ‘Fortnite’ are facing off in an epic legal battle. Here’s what the companies are fighting about and what to expect in the courtroom. (Insider)
- Facebook’s Oversight Board will announce its decision on the future of Donald Trump’s banned account on Wednesday (Insider)
- ESPN’s Kevin Merida named L.A. Times executive editor (L.A. Times)