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Meredith Corp. has clipped the wings of Time Inc.’s top editorial executive after acquiring the parent of Time, People, Sports Illustrated and InStyle, The Post has learned.
The Iowa-based publisher of Better Homes & Gardens, which scooped up Time Inc. for $2.8 billion on Jan. 31, has slashed the responsibilities of chief content officer Alan Murray, who previously oversaw the editorial side of all of Time Inc.’s magazines, insiders said. READ MORE
Meredith Corp., which acquired Time Inc. four months ago for $1.84 billion, is exploring the sale of several magazine brands including Time, Sports Illustrated, Fortune and Money.
The publisher, which also owns Better Homes & Gardens, on Wednesday additionally said it had eliminated 200 jobs. Another 1,000 jobs are expected to be eliminated in the next 10 months, all part of an anticipated $400 million to $500 million in cost synergies in the Time Inc. acquisition, the company said. READ MORE
News coverage about Principal Financial Group has trended somewhat positive recently, Accern Sentiment Analysis reports. The research firm ranks the sentiment of media coverage by monitoring more than 20 million blog and news sources. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores closest to one being the most favorable. Principal Financial Group earned a news sentiment score of 0.15 on Accern’s scale. Accern also assigned media headlines about the financial services provider an impact score of 45.0651812360776 out of 100, meaning that recent media coverage is somewhat unlikely to have an effect on the company’s share price in the next few days. READ MORE
Meredith Corp., which acquired Time Inc. in January for $1.85 billion, reportedly will lay off 200 to 300 staffers this coming week.
The Wall Street Journal reports that the nation’s largest magazine publisher will make the cuts primarily in New York and former Time Inc. employees will be the ones to go. READ MORE
Just when it seems like Wells Fargo's troubles are behind it, another mole pops up from the whack-a-mole machine.
The bank's wealth management business is now in focus. According to The Wall Street Journal, citing people familiar with the matter, whistleblowers in the division, called Wells Fargo Advisors, flagged problems related to product and service sales made "with an eye toward earning more compensation than finding the best fit for the customer." READ MORE
Looming investigations into Newsweek Media Group’s finances have demoralized the legacy magazine’s staff and left a cloud of doubt over the company’s long-term future. But now the company faces another more immediate issue: Whether it can stay in its New York headquarters. READ MORE
Wells Fargo discriminated against black and Latino homebuyers in Sacramento, California, by pushing them into more expensive mortgages than white borrowers, according to a federal lawsuit that cites former employees.
The city of Sacramento accused Wells Fargo of a "long-standing pattern and practice" of illegal lending in minority and low-income communities that reduced home values, limited property tax revenue and drove up foreclosures. READ MORE
Residential and commercial customers of MidAmerican Energy are reporting receiving calls from imposters demanding immediate payment on behalf of MidAmerican Energy.
Imposter scam callers threaten to shut off power unless the customer makes an immediate payment over the phone with a prepaid debit card. READ MORE
CenturyLink’s acquisition of Level 3 gives the service provider not only a broader set of network capabilities but also a way to better put together solutions for the federal government. READ MORE
VeriSIM Life, the company that has developed an AI based animal/human model to dramatically accelerate the FDA animal drug testing phase has raised $1.2MM in convertible note funding from leading firms including Serra Ventures, Mark Zuckerberg, Jeff Bezos and Bill Gate’s Village Global and others. READ MORE
Jeff Bezos is the richest person in the world, with a personal net worth of $108 billion. In 2017, Bezos’ company, the internet retail giant Amazon, reportedly took in $5.6 billion in U.S. profits. READ MORE
American Enterprise Group, Inc. (AEG), a Des Moines-based company, is pleased to announce that its subsidiary, American Republic Insurance Company, has finalized its previously announced acquisition of Great Western Insurance Company (GWIC), based in Ogden, Utah.
“We are excited to have Great Western Insurance Company join the American Enterprise family,” said Tom Swank, Chief Executive Officer of AEG. “This addition creates a tremendous opportunity for us. Together we are able to provide a greater solution set to our senior market customers, backed by the financial strength and stability required to support significant growth throughout all our lines of business.” READ MORE
Rising interest rates will only spur Athene to look at more insurance deals this year, chairman and CEO James R. Belardi said.
Athene announced it would reinsure $19 billion worth of fixed and fixed indexed annuity liabilities from Voya Financial in December, and earlier last year also entered into a flow reinsurance deal with Lincoln Financial. READ MORE
DowDuPont™ today announced the corporate brand names that each of its divisions plans to assume once they are separated as independent companies as intended. While certain product names will change at separation, many products within each intended company will continue be sold under their current, widely known brand names. READ MORE
Pella Corporation was founded based on principles that they still operate by today, nearly 100 years later. That is - to simply make life easier by producing innovative windows and doors. READ MORE
Investors looking for a discussion of Wells Fargo’s troubles in Warren Buffett’s annual investor letter were left disappointed.
On Monday, after the weekend release of the much-anticipated annual letter, he offered some views on Berkshire Hathaway’s biggest investment position. READ MORE
EMC Insurance Group released its quarterly earnings results on Thursday, February 8th. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.03), Bloomberg Earnings reports. EMC Insurance Group had a net margin of 6.02% and a return on equity of 4.54%. The company had revenue of $169.93 million during the quarter. READ MORE
Principal Financial Group, Inc. (PFG) is an interesting player in the Financial space, with a focus on Life Insurance. The stock has been active on the tape, currently trading at $62.37, down from yesterday’s close by -1.47%. Given the stock’s recent action, it seemed like a good time to take a closer look at the company’s recent data. READ MORE
After months of rumors, the private equity firm Epiris on Monday confirmed its purchase of Time Inc. U.K., one of Britain’s largest consumer magazine and digital publishers, from Meredith Corp. READ MORE
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