Hi and welcome to Insider Advertising for February 12. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:
But first, a quick programming note: We’ll skip the newsletter on Monday because of Presidents’ Day. Enjoy the holiday!
- Bloomberg layoffs.
- Victoria’s Secret’s new ad agency.
- Rich Greenfield’s new bet on video games and creators.
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Bloomberg News has begun layoffs, and nearly 100 people will be affected â€” read the full memo to staff
- Steven Perlberg reports that Bloomberg News began laying off staffers on Thursday.
- They will number around 90 in a newsroom that recently totaled 2,700.
- The development comes as the company has been expanding its subscription business.
- Lindsay Rittenhouse reports that Victoria’s Secret has hired WPP to handle its advertising as it tries to reverse a retail slump.
- The ad holding company will handle advertising, media, public relations, and a new big e-commerce push.
- The move is a pivot for the lingerie chain, which had handled most of its marketing internally.
Rich Greenfield just started a new venture fund. The tech evangelist names his top picks in tech stocks and why he’s bullish on video games and creators.
- Tech evangelist Rich Greenfield announced a new investment arm that has $US75 million to invest, reports Claire Atkinson.
- The new LightShed Ventures fund is targeting audio, creator space and subscription businesses.
- As for his top stock picks, he’s high on big internet platforms with data and analytics like Snap and Twitter.
More stories we’re reading:
- 4 media companies that have grown quickly on TikTok share their strategies for engaging users with news, sports, and economics content (Business Insider)
- The App Store is Apple’s most valuable asset, but also its biggest liability (Business Insider)
- Pinterest jumps 5% on report Microsoft tried to acquire the $US51 billion online pinboard platform (Business Insider)
- Insiders reveal how to get a high-paying corporate job at Instacart, the fast-growing grocery startup where engineers and managers make well into the six-figures (Business Insider)
- Andreessen Horowitz wins deal for creator economy startup stir at $US100 million valuation (The Information)
- Google has been allowing advertisers to exclude nonbinary people from seeing job ads (The Markup)
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