Business - Page 36

Kevin Merida Named Executive Editor of Los Angeles Times

By Kerry Flynn The Los Angeles Times has its new top editor: Kevin Merida of ESPN will start as executive editor in June, the paper announced Monday. Merida brings more than 40 years of experience in media into the role. He most recently worked at ESPN as a senior vice president and as editor in chief of The Undefeated, which covers the intersection of race, sports and culture. Prior to joining ESPN in 2015, he spent more than 22 years at The Washington Post. Merida spent the prior decade at The Dallas Morning News. “I am excited to be the

Verizon Sells AOL & Yahoo to Apollo in $5B Media Exit

By Jordan Valinsky Verizon is exiting the media business, announcing Monday that it’s selling the unit for $5 billion to private equity firm Apollo Global Management. The sale includes AOL and Yahoo, which Verizon bought for a combined $9 billion in recent years. Verizon will retain a 10% stake in the spin off and the Verizon Media Group name will be changed to just Yahoo. Verizon once had great plans to become a dominant player in the online media and ad business. The telephone company bought AOL for $4.4 billion in 2015 and further bolstered its portfolio with its Yahoo

Gianna Bryant’s Mambacita Apparel Launch Sells Out Fast

By Chauncey Alcorn Kobe Bryant’s late daughter Gianna’s new Mambacita apparel line went on sale Saturday on what would have been the teen basketball star’s 15th birthday. The clothing sold out by early afternoon, according to a representative of Kobe Bryant’s estate team. Vanessa Bryant, his widow, gave her Instagram followers a sneak peak of the new tie dye color-scheme Mambacita-brand sweatshirts and sweat pants on Friday, less than two weeks after Kobe Bryant’s estate team ended its two-decade apparel deal with Nike. Mambacita was Gianna’s basketball nickname, a nod to her legendary father, whom Lakers fans called the “Black

Thasunda Brown Duckett Becomes CEO of TIAA Fortune 500

By Chauncey Alcorn Thasunda Brown Duckett officially took the helm as the new CEO of TIAA on Saturday, becoming the fourth Black woman ever to head a Fortune 500 company. Her new position is noteworthy for a number of reasons. Duckett and Walgreens’ new CEO Rosalind Brewer, who left Starbucks in March, are the only two Black women currently heading major US corporations. Duckett is the third African American to serve as CEO of TIAA. The 103-year-old money management firm provides retirement account and other financial services for educators and health care professionals as well as government and non-profit employees.

Pandemic Winners: HelloFresh, Tonal, Skillshare & Nurx

By Clare Duffy Although 2020 was rough for most companies — to say the least — some bucked the trend. The pandemic forced consumers to learn, workout, socialize and more in new ways. That boosted businesses using technology to improve remote access to their services, and condensed years’ worth of digital adoption into several months. Those business models could have staying power when the pandemic ends. “I think the habits that we have all formed over the past 12 months … are not going to go away,” said Jake Matthews, a senior intelligence analyst at CB Insights covering fitness technology.

Nike Ends Nearly 20-Year Partnership With Kobe Bryant

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By Jordan Valinsky The nearly two-decade relationship late basketball player Kobe Bryant and Nike has ended. Bryant was “an important part of Nike’s deep connection to consumers,” Nike said in a statement. “Though our contractual relationship has ended, he remains a deeply loved member of the Nike family,” the company added. Bryant, along with eight other people, including his 13-year-old daughter, died last year in a helicopter crash in California. He was 41 years old. Nike signed Bryant in 2003, which led to one of the most successful sponsorships in history. He was one of an elite group of NBA

Goldman Sachs Reports Just 3% Black Executives in US

By Hanna Ziady Goldman Sachs has just 49 Black executives and senior managers in its US workforce, accounting for about 3% of the total. In a sustainability report published Tuesday, the investment bank revealed data on the racial and gender composition of its US workforce for the first time. The numbers reflect a very low rate of Black employment across almost all roles in the organization. Of 1,548 US executives and senior managers, just 24 are Black men and 25 are Black women, or about 3.2% of the total, according to Goldman Sachs. Black people make up a similar percentage

Target Launches $5K Scholarships for 1,000 HBCU Students

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Target is making higher education more affordable this fall for 1,000 African American students at more than a dozen HBCUs by providing scholarships of up to $5,000.  Target has been a longstanding donor and partner of United Negro College Fund (UNCF) for more than two decades. The new Target Scholars Program will provide scholarships to first-year students who are pursuing careers in the areas of technology, leadership or design. The program will also provide four years of academic support that includes mentoring students throughout their college careers as well as internship and networking opportunities.  “For more than 20 years, Target

Morgan Stanley Awards $12M HBCU Scholarships to Students

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Financial firm Morgan Stanley recently announced it is partnering with HBCUs, offering $12 million to support a total of 60 full scholarships for students enrolled in Howard University, Spelman College and Morehouse College. Morgan Stanley and Spelman College announced the first cohort of students selected for the HBCU Scholars Program.  Five first-year students have been selected to receive four-year scholarships to Spelman. The scholarship is all-inclusive and will cover tuition, room and board in an effort to remove financial barriers to higher education. The goal of the program is to prepare students to be college-educated and financially independent. In addition

ULMT Hosts Virtual Event with Urban League CEO Marc Morial

The Urban League of Middle Tennessee (ULMT) announced a virtual event it will be hosting featuring Marc Morial, President & CEO, National Urban League.  President Clifton Harris and the ULMT Board of Directors will be a part of this virtual meet and greet on Friday, April 30. This event is a membership fundraiser, so donating to the event will guarantee membership for the year.  The mission of ULMT is to advocate for African Americans and other minorities and disenfranchised groups, helping them secure economic self-reliance.  To register for the event, go to www.ulmt.org/events.

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