Morning Consult Brands: Walmart to Offload Bonobos for $75 Million in Deals With Express, WHP Global




 


Brands

Essential marketing and PR news & intel to start your day.
April 14, 2023
Twitter Email
 

Today’s Top News

  • Walmart Inc. said it has agreed to sell men’s retailer Bonobos to Express Inc. and management firm WHP Global for $75 million: WHP Global will pay $50 million for Bonobos’ brand and Express will pay $25 million for Bonobos’ operating assets and will assume the related liabilities. The deal, which is less than one-fourth of the $310 million Walmart paid to acquire the fashion brand in 2017, is the latest move by the retailer to offload e-commerce acquisitions. (The Wall Street Journal
  • Twitter Inc. CEO Elon Musk said in a tweet that the platform would allow users to offer text and video content subscriptions to their followers, marking the company’s most recent effort to attract creators. (Reuters) Meanwhile, Twitter said it is also now providing Blue subscribers with the ability to post tweets of up to 10,000 characters in length. (TechCrunch)
  • The Montana House of Representatives is expected to pass a bill today banning ByteDance Ltd.’s TikTok in the state, which will then go to Republican Gov. Greg Gianforte, who has already banned the app on government devices. If signed into law, the bill would block downloads of TikTok in Montana and fine any app store or TikTok $10,000 per day for each time a user is “offered the ability” to access the social media platform or download the app. (The Associated Press
 

Chart Review



 
 

What Else You Need to Know

Advertising
 

Reddit Expands Independent Ad Agency Program With Horizon Media, PMG, Wpromote

Laurie Sullivan, MediaPost

Reddit is taking steps to expand its advertising business. On Thursday the company announced adding three independent agencies to its Independent Agency Program.

 

Ad Council Partners With Amazon to Target Teen Mental Health

Jade Yan, Ad Age

The organization is continuing its ‘Sound It Out’ campaign by using music—and Amazon’s Alexa—to help parents and caregivers bridge conversations about mental health.

 
Media/Entertainment/Influencers
 

Coachella is headed back to Fortnite this year

Andrew Webster, The Verge

Fortnite’s push into music continues with its second collaboration with Coachella, and it’s a bit more involved than last year.

 

Bob Iger Addresses Ike Perlmutter Firing, Says He’d Be “Glad” to Meet With Ron DeSantis

Alex Weprin, The Hollywood Reporter

The Disney CEO also says his thinking has “changed” when it comes to ESPN and sports betting.

 

Premier League to phase out shirt-front gambling sponsorships

Samuel Agini and Oliver Barnes, Financial Times 

Clubs will be permitted to make fresh deals until ban kicks in at end of 2025-26 season.

 

Tim McGraw Partners With Shareability to Launch New Nashville-Based Media Venture, Down Home

Chris William, Variety

Country star Tim McGraw announced Thursday that he is entering into a partnership with Shareability, a social content studio that specializes in “viral moments,” to start Down Home, a new Nashville-based media, entertainment and marketing company.

 

Jury selection begins in Dominion’s $1.6 billion suit against Fox

Helen Coster, Reuters

Jury selection began on Thursday in a $1.6 billion defamation lawsuit by Dominion Voting Systems against Fox Corp in a process to choose 12 people from a heavily Democratic county in Delaware to decide whether Fox News knowingly aired false claims on vote-rigging in the 2020 U.S. presidential election.

 

Apple TV+ growth slows in US while Netflix loses first place

Filipe Espósito, 9 to 5 Mac

A JustWatch research study revealed last month that Apple TV+’s global market share shrank in 2022 as the platform was overtaken by Paramount+. And according to a new report, Apple TV+ growth also slowed in the US – and Netflix lost the top spot in the ranking.

 

Insider’s newsroom will start experimenting with AI

Sara Fischer, Axios

Insider plans to begin experimenting with ways to leverage AI in its journalism, its global editor-in-chief Nicholas Carlson told Axios.

 

Dan Snyder Nears $6 Billion Deal to Sell Washington Commanders to Josh Harris

Andrew Beaton and Lauren Thomas, The Wall Street Journal

The deal with a group led by Harris would end Snyder’s controversial ownership with a record-breaking sale following problems for Snyder and the team on multiple fronts.

 
Social Media and Technology
 

Amazon is ‘investing heavily’ in the technology behind ChatGPT

Catherine Thorbecke, CNN

Amazon wants investors to know it won’t be left behind in the latest Big Tech arms race over artificial intelligence.

 

YouTube is quietly shutting down a shopping program it had been testing that paid creators

Amanda Perelli, Insider

The company alerted creators that the tool would no longer be available starting April 19, while YouTube works “to improve this new feature,” according to a screenshot viewed by Insider. 

 

More newsrooms bail on Twitter as Musk meddles with account labels

Taylor Hatmaker, TechCrunch

PBS and a handful of other news organizations have joined NPR in stepping away from Twitter, the social media platform once synonymous with breaking news.

 

Twitch’s New CEO Defends Job Cuts, Plans to Meet With Creators

Cecilia D’Anastasio, Bloomberg

In his first media interview since taking over last month and eliminating 400 positions among his initial actions, Clancy said the austerity moves were necessary to keep Twitch viable and its creators thriving.

 
PR/Marketing/Retail
 

Bud Light Faces Boycott Calls, but Punishing Brands Is Harder Than It Looks

Patrick Coffee, The Wall Street Journal

Research shows recent social-media calls to boycott brands such as Goya and Spotify haven’t meaningfully hurt sales and at times briefly had the opposite effect.

 

Why English Soccer Is Vital to Budweiser’s Global Brand Strategy

Stephen Lepitak, Adweek

Premier League partnership grows in strength with new YouTube series Behind the Game.

 

Conservatives plot text warnings on “woke” products

Hans Nichols, Axios

A conservative group is offering a new service that texts “Woke Alerts” straight to the phones of grocery shoppers who want to know which brands are accused of taking political positions that are offensive to the right.

 

Subway Sale Process Heats Up as Bidders Head to Second Round

Lauren Thomas and Heather Haddon, The Wall Street Journal

More than 10 possible suitors are conducting due diligence.

 

It’s a Toddler’s Party. How About a $75,000 Budget?

Molly Creeden, The New York Times

In Los Angeles, children’s birthday celebrations have spiraled into mini-weddings.

 

K-Beauty’s Brush With Fine Art

Thessaly La Force, The New York Times

Amorepacific partners with the Metropolitan Museum of Art to expand the reach of Sulwhasoo, their luxury Korean beauty brand.

 

‘Quiet luxury’: No flash, no logos, but big-time style

Leanne Italie, The Associated Press 

Call it stealth wealth, or quiet luxury. For the rich and those who aspire, logo-free fashion with outsized price tags is having a moment — at least among people who can spend in the face of higher inflation and a volatile economy.

 
Work and Management
 

In Sales, the People Are Battling the Chatbots. 

Callum Borchers, The Wall Street Journal

Artificial intelligence can’t close sales as well as people can, but that could change.

 

How new models of worker organizing look beyond the workplace

Michelle Miller, Fast Company

Care-and-community-based organizing models have led to an array of innovative solutions that enable worker well-being.

 

Corporate travel continues its comeback after Covid downturn, report says

Alyssa Meyers, Marketing Brew

Deloitte found that corporate travel spend is set to fully recover by early 2025, but there are some obstacles to that trajectory.

 

Companies Scramble to Keep Abortion Off Annual Meeting Agendas

Jeff Green, Bloomberg

Investors have rescinded over a dozen reproductive-health related proposals so far this year.

 







Morning Consult