On Thursday, iHeartMedia - the largest radio conglomerate in the US - finally succumbed to its enormous debt burden and filed for a long-anticipated Chapter 11 bankruptcy protection (iHeartMedia Inc., 18-31274, U.S. Bankruptcy Court, Southern District of Texas) after the company and a majority of its creditors reached an agreement for a prepack deal to eliminate tens of billions in debt while the company continues to operate. After trying to negotiate a deal with creditors since last March, the company said in a statement that it had reached an agreement in principle with investors holding more than $10 billion of its debt, along with its private equity owners. The pact, intended to give the company a framework for a speedier reorganization, would cut iHeart’s debt by more than $10 billion, it said. "The agreement ... is a significant accomplishment, as it allows us to definitively address the more than $20 billion in debt that has burdened our capital structure,” Chief Executive Bob Pittman said. Based in San Antonio, iHeart controls 856 US radio stations and employs 17,000 workers worldwide, along with Clear Channel Outdoor Holdings, the largest billboard company in the world. iHeart’s traditional businesses - the radio stations and the Clear Channel Outdoor billboard unit - contribute the bulk of the company's revenue. The Chapter 11 filing didn’t include the billboard unit. iHeartMedia said it believes it has enough cash on hand, and will earn enough through regular business operations to keep its business running through the restructuring talks, although in light of the recent Toys "R" Us liquidation which took place six months after that particular Chapter 11, we doubt many existing employees will stay there long. Given the enormity of the debt, Bain Capital and Thomas H Lee who LBOed the company on the eve of the financial crisis in a massive $27 billion deal which was troubled from the start, will surrender most of their ownership stake per the WSJ. Recent talks had centered on a plan to hand 94% of the equity in iHeartMedia’s radio business and all of the equity in Clear Channel Outdoor to senior creditors led by Franklin Mutual Advisers Inc. The company and its creditors had been haggling for weeks over how much of the remaining 6% of equity in the radio business should go to the company’s junior bondholders and private-equity sponsors. Equity stakes had been a key sticking point in recent talks, with creditors demanding almost all of iHeart and 100 percent of its healthy Clear Channel unit according to Bloomberg. Malone’s Liberty Media sought to break the logjam late in February by offering $1.2 billion in new loans in return for a 40% stake. JCDecaux SA, the world’s biggest outdoor-advertising agency, also has expressed interest in buying some of Clear Channel’s assets. To be sure, bankruptcy was only a matter of time: over the past five years iHeartMedia has spent more on debt payments than it earns. With more than $8 billion in debt maturing next year, the company began talks with creditors on a deal to swap a big chunk of debt for some of its equity. This isn't the first piece of depressing news for the waning radio industry in recent months: The iHeart filing comes three months after Cumulus Media, the No. 2 radio broadcaster, filed for bankruptcy. Meanwhile, there are questions about the company's ultimate viability. Radio still has enormous reach, but like print, the advent of digital advertising has siphoned off a reliable revenue stream, and left advertisers unwilling to pay the premiums they once happily accepted. iHeart's broadcast stations still reach a staggering 265 million Americans, more than any other media company (including Google and Facebook). However, newer media such as Spotify’s streaming service and SiriusXM’s satellite broadcasts have cut into the audience and put a damper on sales. IHeart, led by Chief Executive Officer Robert Pittman, countered with its own streaming services and a live-events business offering concerts and awards shows. iHeart's most valuable asset - in the eyes of its creditors - is Clear Channel Outdoor Holdings, a subsidiary to focuses on billboards. Two years ago, the company rolled out a couple of on-demand subscription services to try and compete with Spotify and Apple Music, which were eating into radio's revenues. They have not lived up to the company's hopes. As Variety points out, among the music companies listed as creditors on the iHeart docket are Nielsen, owed $20 million, SoundExchange, owed $6.4 million, Warner Music Group, $3.9 million, Universal Music Group, $1.3 million, and Spotify, $2.1 million. Performance-rights organizations ASCAP and BMI are each owed slightly over $1.4 million while Global Music Rights is looking at a $2 million debt. As Bloomberg notes, the bankruptcy caps a yearlong standoff with lenders and bondholders on its latest debt-cutting plan. The deadline was extended more than 20 times as negotiators exchanged proposals and iHeart sweetened the terms. The current attempt at an accord followed at least a dozen debt revisions over the past decade. The full bankruptcy filing is below.
America Movil (AMX) bolsters spectrum portfolio with the acquisition of wireless spectrums amid tough competition in the Mexican market.
Крупнейшие операторы наружной рекламы Russ Outdoor и Gallery начали переговоры о слиянии. Об этом сообщает РБК со ссылкой на источники, близкие к компаниям. Собеседники издания рассказали, что за счет слияния обе компании планируют сократить расходы и улучшить финансовое положение. В середине января, по словам источников, переговоры были «на очень продвинутой стадии». Помешать слиянию компаний, по мнению собеседников РБК, может французская компания JCDecaux, которая владеет 25% Russ Outdoor. Как утверждают источники, JCDecaux недовольна развитием наружной рекламы в России, поэтому не планирует расширять этот бизнес, а без согласия французов сделка не состоится. В 2014 и 2015 годах Russ Outdoor и Gallery столкнулись с проблемой обслуживания кредитов. В частности, Gallery нарушила условия соглашения по кредиту Сбербанка. Это привело к тому, что банк снизил кредитную линию компании с 1,5 млрд руб. до 900 млн руб. Срок погашения кредита был перенесен с 2019 года на весну 2015 года. В результате погасить задолженность…
The Interpublic Group of Companies, Inc.(IPG) reported first-quarter 2017 results
The world's biggest advertising group, WPP plc (WPPGY) reported strong results for full-year 2016.
The Interpublic Group of Companies, Inc (IPG) reported healthy fourth-quarter 2016 results with GAAP earnings of $317.6 million or 78 cents per share, up from $260.3 million or 63 cents per share in the year-earlier quarter.
Omnicom Group Inc. (OMC) reported relatively healthy fourth-quarter 2016 results, driven by modest organic growth.
«Портреты Британии» - это общенациональная публичная выставка, организованная по инициативе журнала о фотографии British Journal of Photography совместно с компанией JCDecaux. На выставке, призванной сделать акцент на социальных изменениях в Британии и её трансформирующемся обществе, представлены портреты людей, которые в настоящее время населяют туманный Альбион. На фото: Аиша. Фотограф: Eleanor Bentall. На фото: Эллиот. Фотограф: Rosie Matheson. На фото: Ребекка. Фотограф: Francesca Allen. На фото: Штормзи. Фотограф: Dan Wilton. На фото: воскресный футбол. Фотограф: Chris Baker. На фото: Эва и Кира. Фотограф: Tom Johnson. На фото: Адам. Фотограф: Adama Jalloh. На фото: танцующий Кен. Фотограф: Nick Shand. На фото: Мэйбл Энн Пайк и её внуки. Фотограф: Liz Hingley. На фото: Лил Симз. Фотограф: Samuel Bradley. Читайте также: Топ-10 самых страшных наказаний за супружескую измену Детей дразнят за интимные фото матери, которая копит на 4-ю пластику груди Апокалипсис в Париже: Вот что беженцы сделали со столицей красоты и романтики Как проходит публичная порка в Индонезии Претендентки на звание «Мисс Бум-Бум - 2016» спародировали «Тайную вечерю» Грязные забавы австралийской деревенщины
If you're the type of person that sees a model in an advertisement and immediately gets depressed that you've skipped the last 6 months in the gym since signing up for that New Year's day membership special - or if you just can't stand to see a sexy woman in a bikini for that matter - newly elected mayor of London Sadiq Khan has a remedy. Khan has announced that Transport for London (greater London transportation system) will no longer run ads which could cause "body confidence issues", particularly among young people the Evening Standard reports. That means London can say goodbye to seeing sexy women in bikinis that are featured in advertisements such as Protein World's "Are You Beach Body Ready." "As a father of two teenage girls, I am extremely concerned about this kind of advertising which can demean people, particularly women, and make them ashamed of their bodies. It is high time it came to an end. Nobody should feel pressurised, while they travel on the Tube or bus, into unrealistic expectations surrounding their bodies and I want to send a clear message to the advertising industry about this." Khan said. Khan asked TfL and advertising partners Exterion Media and JCDecaux to set up a steering group in order to review all new ads submitted to TfL. "Advertising on our network is unlike TV, online and print media. Our customers cannot simply switch off or turn a page if an advertisement offends or upsets them and we have a duty to ensure the copy we carry reflects that unique environment." said Graeme Craig, TfL Commercial Development Director. As far as a loss in advertising revenue, Khan claimed that there would be no impact. The TfL is still expected to generate more than £1.5 billion from advertising over the next eight years. Last year it made £170 million, up from £152 million in 2014. No one's confidence or body image should be undermined by ads on our transport system. I've strengthened @TfL policy https://t.co/AJ7qYDQW0T — Mayor of London (@MayorofLondon) June 13, 2016 * * * City hall insists that the change comes as a result of passenger feedback rather than the fact that it is just nannying Londoners - except that is precisely what is happening. We're not sure who gets offended by beautiful women, but sadly we keep finding ourselves referencing our 7 Harsh Realities piece more and more, which concludes as follows, and it can't be repeated enough: No matter where you go in life, someone will be there to offend you. Maybe it’s a joke you overheard on vacation, a spat at the office, or a difference of opinion with someone in line at the grocery store. Inevitably, someone will offend you and your values. If you cannot handle that without losing control of your emotions and reverting back to your “safe space” away from the harmful words of others, then you’re best to just stay put at home. Remember, though: if people in the outside world scare you, people on the internet will downright terrify you. It’s probably best to just accept these harsh realities of life and go out into the world prepared to confront them wherever they may be waiting.
By Becky Johnson Who hasn’t off-handedly asked someone to, “Hand me a Kleenex” only to find out it’s another brand of tissue after you sneeze right through it? Or have you gone to the store and bought the cheap Windex, thinking, “same diff” only to get it home and it smells like kerosene? These are called “proprietary eponyms” or a proper name that is so well known and overused, it has become the generic name for all items, and sometimes they make for some funny stories. A stroke of genius by JCDecaux was to take these mishaps, run a direct mail campaign to some of their biggest brand customers and essentially tell them, “same diff.” One miniature billboard was mailed to NIKE to congratulate them on their “Stan Smith” shoe. Another mini went to Dior for Dior N o5 and one to Apple for the Apple Xperia…you get the idea. Then, JCDecaux let them in on the joke. As a major advertiser, there’s nothing as frustrating as being confused with your competitor, or becoming the proprietary eponym. And no one understands this frustration better than JCDecaux. Why? Because they experience it every day. JCDecaux apologised for their intentional error in an accompanying letter: "We are sorry we have intentionally mistaken you for a competitor. We just wanted to let you know how we feel every day. But we assure you that if you choose our networks for your next campaign, it would not be a mistake." Who hasn’t tried the competition only to fine it was a lesson in the value of brand loyalty? Sometimes it takes that lesson to look at the brand you know, and realize different isn’t always better. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Бывший гендиректор издательского дома Sanoma Independent Media Жан-Эммануэль де Витт покидает свой пост, он переходит на работу в Russ Outdoor, рассказали «Ведомостям» источники, близкие к оператору наружной рекламы, и источники в издательском доме. После того, как финская Sanoma продала свой бизнес в России, активы этого издательского дома были разделены между несколькими покупателями. Права на издание части глянцевых журналов выкупил фонд Inventure Partners и несколько его партнеров. Де Витт продолжил управлять этими глянцевыми журналами. При этом формально из-за новых ограничений для иностранцев в СМИ он занимал должность директора ООО «Фэшн пресс» (одно из юрлиц, выкупленных Inventure Partners).
Компания Ericsson, оператор связи KPN и оператор наружной рекламы JCDecaux ввели в эксплуатацию малые соты C-RAN на автобусной остановке на площади Рембрандта в Амстердаме.
Outfront Media Inc. (OUT) is slated to report fourth-quarter 2015 results after the closing bell on Feb 25, 2016.
Акционеры Russ Outdoor планируют в ближайшее время выбрать нового управляющего директора компании, которая после ухода с этой позиции в мае прошлого года Максима Ткачева управляется советом директоров. Основной кандидат на эту позицию — гендиректор издательского дома Sanoma Independent Media Жан-Эммануэль де Витт, который устроит французского совладельца Russ Outdoor — группу JCDecaux. Но окончательное решение пока не принято.