• Hasbro Inc. said it would drop the “Mr.” from its Mr. Potato Head brand name in an effort to become more inclusive and would start selling new playsets without the “Mr.” or “Mrs.” designations, allowing children to create potato families that include two moms or two dads. But later that afternoon, the toymaker clarified its decision in a statement on Twitter, explaining that while the Potato Head brand name and logo will lose the “Mr.,” the characters will remain Mr. and Mrs. Potato Head. (Associated Press)

• Costco Wholesale Corp. is raising its minimum wage from $15 to $16 an hour, said Chief Executive W. Craig Jelinek while testifying at a Senate hearing about a proposed increase to the federal minimum wage. Costco, which counts 180,000 employees in the United States, has among the highest retention rates of any retailer, Jelinek said, and an average wage of $24 per hour, compared to Walmart Inc.’s average of more than $15 an hour, with a minimum wage of $11 an hour. (The New York Times)

• Beauty chain Sephora said it plans to open more than 60 stand-alone stores in the United States in 2021, in addition to the hundreds of shops set to open in Kohl’s Corp. stores, as retailers bet that foot traffic to brick-and-mortar stores will bounce back as the pandemic recedes and seek to capitalize on pent-up demand. The company currently has 452 stores in the United States, compared to competitor Ulta Beauty Inc.’s more than 1,200 locations. (Bloomberg)

Pepsi and Other Advertisers Back New Content to Lure Binge-Watchers
Brian Steinberg, Variety

Television commercials have long been one of the media industry’s surest bets — so much so that advertisers around the world dumped a whopping $149 billion on them in 2020. But Pepsi recently decided to take a gamble on something else.

Facebook launches ad campaign to defend personalized advertising ahead of Apple privacy change
Megan Graham, CNBC

Facebook is launching a new ad campaign called “Good Ideas Deserve to be Found,” which makes a case for personalized advertising.

After Nearly a Decade Away, Ruffles Returns to TV
Paul Hiebert, Adweek

Following a year of robust sales, Frito-Lay chip brand Ruffles is airing its first TV campaign in almost a decade.

DirecTV to Become Standalone Company Through AT&T, TPG Capital Pact
Cynthia Littleton, Variety

AT&T has set a deal with TPG Capital that calls for the struggling satellite TV provider DirecTV to become a standalone company in which TPG would own a 30% stake.

AMC Networks Tops 6 Million Streaming Subs, U.S. Ad Sales Drop 6% in Final 2020 Quarter
Jennifer Maas, The Wrap

Still, the Josh Sapan-led company beat Wall Street’s earnings and revenue estimates.

Cinemark Lost Nearly $240 Million in Final Quarter of 2020
Tony Maglio, The Wrap

For comparison, in the fourth quarter of 2019, Cinemark brought in $434.3 million in revenue. The company made money back then: 22 cents per share, or $26.9 million on an overall basis.

Gannett beats estimates for its 4Q results amid growing digital subscriptions and lower costs
Nathan Bomey, USA Today

Overall, revenue fell 17% to $875.4 million. On a comparable basis, circulation revenue declined 13.6%, print advertising revenue decreased 26.9% and digital ad and marketing services revenue eased by 2%.

Paramount+ wants to be the go-to streaming service for Gen X
Adam Epstein, Quartz

The media conglomerate hopes there’s at least something for every consumer as it attempts to mount a streaming challenge to Netflix and other competitors. There’s more for Gen X than for everyone else, though.

TikTok to Pay $92 Million to Settle U.S. Privacy Lawsuits
Joel Rosenblatt, Bloomberg

TikTok Inc. agreed to pay $92 million to settle privacy lawsuits claiming the app illegally recorded facial-scan images of users and disclosed private data to third parties.

Are Disposables the Future of Photo Sharing?
Taylor Lorenz, The New York Times

Some are calling David Dobrik’s new photo app, Dispo, the next Instagram.

Twitter announces paid Super Follows to let you charge for tweets
Jacob Kastrenakes, The Verge

Twitter announced a pair of big upcoming features today: the ability for users to charge their followers for access to additional content, and the ability to create and join groups based around specific interests. 

Clubhouse Is Booming. So Is the Ecosystem Around It
Arielle Pardes, Wired

A wave of startups, features, and tools has sprung up around the popular audio app. And some are looking to cash in.

Oreo Cookie tweets ‘Trans people exist’
Brian Niemietz, New York Daily News

The Nabisco cookie brand sent out those three words following a busy day of debate over gender identity rights.

Beyond Meat strikes deals with McDonald’s, Yum but shares fall on wider quarterly loss
Amelia Lucas, CNBC

The company posted a bigger-than-expected quarterly loss as the cost of global expansion and weak restaurant sales weighed on the business.

Airbnb posts a $3.9 billion loss in its first report as public company.
Erin Griffith, The New York Times

Airbnb, which has faced sky-high expectations since its blockbuster initial public offering in December, posted declining revenue and a whopping $3.9 billion loss on Thursday in its first earnings report as a publicly traded company.

DoorDash Warns Impact of Controls on Fees Will Weigh on Results
Brody Ford, Bloomberg

DoorDash Inc. reported fourth-quarter revenue that beat analysts’ estimates, reflecting a surge in Covid-19 cases and restrictions that fueled demand for food delivery at the end of last year. 

Papa John’s, Domino’s Growth Cools as Pizza Loses Covid Bump
Anne Riley Moffat, Bloomberg

Pizza — the unofficial meal of 2020 for many locked-down consumers — has finally slowed its meteoric rise.

Target to expand Apple offerings in stores and online
Aishwarya Venugopal, Reuters

Target Corp said on Thursday it would double Apple Inc’s footprint in some of its stores and expand online offerings, as the big box retailer beefs up its strategy to house popular brands at its outlets to woo more customers.

PepsiCo to launch line of cocktail mixers as at-home drinking booms
Amelia Lucas, CNBC

The four drinks, which fall under its new Neon Zebra brand, were created to appeal to consumers aged 21 to 34 years old.

Salesforce Posts Record Sales
Aaron Tilley, The Wall Street Journal

The San Francisco-based company Thursday reported revenue of $5.82 billion, up 20% from the year-ago period.

Charli D’Amelio Has a New Drink at Dunkin’
David Cohen, Adweek

The TikTok superstar is helping the chain plug its Sweet Cold Foam for Cold Brew.

Dunkin’ adds avocado toast, matcha-topped doughnut and blueberry matcha latte to its spring menu
Coral Murphy Marcos, USA Today

Dunkin’ is going green with its new seasonal menu items as an early celebration of spring’s arrival. The chain added avocado toast, as well as two matcha-inspired items: a blueberry matcha latte and a matcha-topped doughnut. 

You’ve Heard of Ghost Kitchens. Meet the Ghost Franchises.
Marissa Conrad, The New York Times

Virtual food brands, often driven by real celebrities, are rapidly spreading across the country. Do they help or hurt independent restaurants?

Retailers Embrace Black History Month as Consumer Demand for Diversity and Inclusion Increases
Lucielle Salomon, Adweek

Promises made in 2020 are being put into action.

Birkenstock sold to LVMH-backed group in €4bn deal
Kaye Wiggins, Financial Times

L Catterton, the private equity firm backed by Bernard Arnault’s LVMH, has agreed to buy the German footwear group Birkenstock in a deal that values the company at about €4bn.

Hyundai names new global CMO
Robert Sawatzky, Campaign

Former BMW marketer Thomas Schemera takes over CMO role from Wonhong Cho.

Jay-Z created a hip-hop path to luxury influence
John Gapper, Financial Times

The musician and entrepreneur’s champagne deal with LVMH stems from his pioneering approach to business for 25 years.