Verizon sells its media business

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.If this email was forwarded to you, sign up here for your daily insider’s guide to advertising and media.
Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.

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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.Read the story.

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Adidas is requiring some ad agencies to pay back more than 10% of their earnings, squeezing small firmsAdidas 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.Read the story.

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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.Read the story.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)Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.
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Source: https://www.businessinsider.com/insiders-top-advertising-and-media-stories-for-may-4-2021-5

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