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Crippled by falling revenue and piles of debt, radio conglomerate iHeartMedia has filed for bankruptcy.The beleaguered company announced Thursday that it has reached an agreement with creditors and investors to restructure more than billion in debt, about half of what it currently owes investors."The agreement we announced today ... allows us to definitively address the more than billion in debt that has burdened our capital structure," iHeartMedia CEO Bob Pittman said in a statement.The company said it had enough cash to support it through Chapter 11 proceedings.Last year, iHeartMedia flagged "substantial doubt" about its ability to continue as a going concern, as it struggled to get out from under a massive debt load it took on as part of a leveraged buyout of billboard company Clear Channel Outdoor in 2008.Related: Clear Channel changes name to iHeartMediaWhile the San Antonio-based company bills itself as a multi-platform media company, it is best known for operating about 850 radio stations across the United States. It also owns iHeartRadio's music streaming service, a popular concert business, and a majority stake in Clear Channel Outdoor.The company has struggled with falling revenue in recent years, as it competed with streaming rivals like Spotify and Pandora.The bankruptcy filing comes as Spotify prepares for its much anticipated billion listing on the New York Stock Exchange.The-CNN-Wire 1440
Colgate, Cream of Wheat and Mrs. Butterworth are the latest brands reckoning with racially charged logos. New York-based Colgate-Palmolive say it's reviewing its Darlie toothpaste brand, which is popular in Asia. Prior to 1989, the brand was known as Darkie and featured a singer in blackface as its logo. New Jersey-based B&G Foods, which makes Cream of Wheat hot cereal, said it’s reviewing its logo, which features a smiling black chef holding a bowl of cereal. Cream of Wheat's packaging includes an image of a black chef. In early advertisements, copy refers to the chef as "Rastus" — a term now considered a slur. The name refers to a minstrel show caricature of a stereotypically happy black man. Uncle Ben's rice, which also uses a black man's portrait on its packaging, said it planned to "evolve" the brand, but did not offer specifics.And Chicago-based Conagra Brands says its female-shaped Mrs. Butterworth's bottles are intended to evoke a “loving grandmother.” But the company said the packaging could be misinterpreted. "We stand in solidarity with our Black and Brown communities and we can see that our packaging may be interpreted in a way that is wholly inconsistent with our values," the company said in a statement. The soul-searching comes in the wake of PepsiCo’s announcement that it’s renaming its Aunt Jemima syrup brand. 1359
Coca-Cola said Friday that it would offer buyouts to 4,000 employees as part of corporate restructuring and said that layoffs could be coming in the future.According to a press release, the buyouts will be offered to employees in the U.S., Canada and Puerto Rico with a hire date "on or before" Sept. 1, 2017. The company said the "voluntary program" would reduce the number of layoffs.According to Coca-Cola's statement, the company's current operating model consists of "17 business units" that will be consolidated into "nine operating units."Following the announcement, Coca-Cola's stock price rose nearly a point in early trading, an increase of just under 2%.According to WSB-TV, Coca-Cola has more than 86,000 employees nationwide. The Associated Press reports that company revenue fell 28% in the second quarter due to the effects from the pandemic, but executives are confident in recovery. 907
CORONADO, Calif. (KGTV) — You may not find a cowardly lion, brainless scarecrow, or heartless Tin Man on Coronado, but the city's connection to one of history's most famed stories runs deep."Wizard of Oz" author L. Frank Baum has several connections to the scenic beach city. Between 1904 to 1910, Baum and his family vacationed in the city often, according to San Diego's tourism website.Baum was reportedly such a fan of Coronado's beauty, he wrote a portion of the "Oz" series there. SD FAIR 2019: What to know | Admission discounts | Parking and transportation | Rides and games | Concert headlinersAnd his links can still be found around town:Baum's Coronado homeThe Coronado home L. Frank Baum rented on Star Park Circle still stands today. While it's not open to the public (it's a private residence, so view from the sidewalk), the property is the sight where Baum wrote "Dorothy and the Wizard of Oz," "The Emerald City of Oz," "The Road to Oz," and portions of "The Marvelous Land of Oz."The home's owners haven't shied away from the notoriety either. A small "wicked witch" can be seen from the side of the house and a "ding dong" witch doormat.The Hotel Del CoronadoBaum and his family were known to visit the Hotel Del often in the early 1900s. Hotel officials say the author would reside at the Del for months at a time.The Crown RoomThe hotel's links run even deeper with Baum. The regal chandeliers in the hotel's "Crown Room" were designed by Baum.Rare "Wizard of Oz" first editionsCoronado's Museum of History and Art have three rare first editions of Baum's "Oz" series on display. Admission to the museum is free, making it even easier to take in literary history."Oz" art exhibitInside the Coronado Public Library, an elaborate work of "Wizard of Oz" characters and scenes on nine glass panels are on display. The artwork shows Dorothy, the cowardly lion, scarecrow, and Tin Man as an ode to Baum's stories.Baum-inspired "Author's Study"Another nod to Baum can be found at the 1906 Lodge at Coronado Beach. The bed and breakfast's "Author's Study" is decorated with art prints of the "ruby slippers," characters from the "Oz" series, a writing desk, and autobiaography on Baum. "The Queen of Fairyland"A poem by Baum submitted to the San Diego Union in 1905 speaks of the author's love and inspiration for Coronado. The poem, titled "Coronado: The Queen of Fairyland," speaks of "enjoyment stranger and grand" and "dreams are sweet and moments fleet."This year, the San Diego County Fair celebrates Baum and his stories under the exciting theme of "Oz-some," putting foods, exhibits, and experiences themed after the author's works on full display. 2678
CINCINNATI — Double majoring in neuroscience and organizational leadership is more than enough to fill the plates of most people.However, University of Cincinnati senior Megdelawit Habteselassie also finds time to serve as student body president and as a member of the UC alumni council.Students have elected other women as student body presidents before Habteselassie, who goes by her family's generational nickname of Sinna. However, she is the first African-American woman to hold the position in UC's 199-year history."I wish it happened sooner," said Habteselassie, 22, from her office in the Steger Student Life Center.The Ohio native's parents emigrated to the United States from Ethiopia more than 20 years ago. She initially planned to go into medicine but decided her passion was in social justice."I want to go into international law and perhaps work for the Gates Foundation, which does phenomenal things for sustainable development," said Habteselassie.However, for now, she is focused on her duties as student body president, which were plenty during the run-up to the university's homecoming earlier this month.She credits a strong network of women, including several mentors, for encouraging her to run."It's good to know that I am in this role because a lot of women helped me be here, and I would certainly say that if those kinds of conversations had happened sooner there probably would've been the first black woman president a lot earlier," she said.Habteselassie said studies show that women need to be asked several times before they will consider running for elected office. That was indeed the case for her, she said, but students greeted her candidacy warmly once she committed to running."It's amazing to see so many people ready for that change on our campus and to welcome me into this leadership role," Habteselassie said .Student body vice president Umaize Savani believes Habteselassie is giving a voice to those whose voices are not heard as loudly as others."To me, it shows that a change is coming to UC and to this country. I also think this reflects the changes that have taken place at UC over the last four years," Savani said.Habteselassie and Savani campaigned on a platform centered around holistic health and specifically destigmatizing issues surrounding mental health."We're working on doing a 'love yourself' campaign on campus and raising money for a mental health advocate award, and we have our co-directors of mental health awareness, who are really striving to expand what it means to be healthy," Habteselassie said.Debra Merchant, vice president of student affairs, said she believes Habteselassie is making the most of every moment."Her leadership opens 'thought doors' for everyone," Merchant said. "I'm a big believer in 'You can't be what you can't see.' Sinna's engagement with students, faculty and staff sends the important message throughout our UC community that leadership is open to all."Habteselassie has a knack for connecting with all types of students, Savani said."She knows how to speak to the student that is struggling while also being able to see eye to eye with a football player," Savani said. "Her respect and love for every single Bearcat continues to astonish me every single day."Habteselassie will graduate this year and plans to move to Washington, D.C., to work for a few years before going to law school.In the meantime, she hopes her election opens doors for women after her."I think the one thing that I think about is -- my mom tells me this, too -- 'Make sure you're not closing the doors behind you and to ensure that you're lifting when you climb,'" she said. 3687