|Bid||0.00 x 800|
|Ask||0.00 x 1400|
|Day's Range||0.00 - 0.00|
|52 Week Range|
|Beta (3Y Monthly)||1.28|
|PE Ratio (TTM)||N/A|
|Earnings Date||Aug 8, 2019 - Aug 12, 2019|
|Forward Dividend & Yield||2.30 (4.26%)|
|1y Target Est||60.33|
The brand and intellectual property of Sports Illustrated have been sold to Authentic Brands, a marketing company, for $110 million. Yahoo Finance's Dan Roberts joins Julie Hyman and Adam Shapiro to discuss what it means for readers and SI's writers.
Sports Illustrated's brand was just sold to Authentic Brands Group for $110 million. Yahoo Finance's Dan Roberts, Myles Udland and Melody Hahm discuss.
The inaugural "Summer of '69" issue will coincide with The New York Times coverage of the 50-year anniversary of that summer. As part of the collaboration, there are plans for five subsequent issues devoted to other historical events, significant milestones and cultural subjects.
Let's figure it out together," is the mantra of MONEY.com's Dollar Scholar, an inaugural newsletter about millennial finances that launches today. Written by MONEY reporter Julia Glum, the weekly newsletter will be issued every Wednesday morning. Glum will consult with financial experts to cover personal finance, answer burning financial questions and address the trials and tribulations concerning millennial spending habits.
Two Front Range hotels, two mountain resorts and three safari outfitters received accolades in the annual survey.
The Leela Palace Udaipur in India Named World's Best Hotel; Singapore Airlines Is Top International Airline Survey Results Rank Cities, Hotels, Airlines, Cruise Lines, Islands, Destination Spas, Airports ...
"The global economic environment is very favorable for investors. Economies are generally strong, but not too strong. Employment levels are among the strongest for many decades. Interest rates are paused at very low levels, and the risk of significant increases in the medium term seems low. Financing for transactions is freely available to good borrowers, […]
DES MOINES, Iowa , June 28, 2019 /PRNewswire/ -- Meredith Corporation (NYSE: MDP; www.meredith.com ) , the leading media and marketing company reaching approximately 180 million American consumers – including ...
Winners were chosen by an independent panel of judges and represent the best of the best in editorial and marketing DES MOINES, Iowa , June 13, 2019 /PRNewswire/ -- Meredith Corporation (NYSE: MDP; www.meredith.com ...
(Bloomberg Opinion) -- Imagine the following chain of events:You buy a condo in the mid-2000s on Florida’s Gulf Coast, in a development just outside Tampa that promises to recreate the style of Venice, Italy. The governmental body running the area is the Clearwater Cay Community Development District, which issues about $34 million of municipal bonds in November 2006. “All marketing efforts for Clearwater Cay will be coordinated through Cay Clubs,” according to bond documents, which also state that the developer “believes this to be a unique offering of resort services and amenities that will be unmatched in this area.” Those luxury amenities, like a water park and gondola-lined canal, are never built. In February 2016, Dave Clark, former chief executive officer of Cay Clubs, is sentenced to 40 years in prison because the company “came to operate as a Ponzi scheme,” according to the Justice Department. Evidence showed it experienced serious financial difficulties by “at least September 2006,” or two months before the district’s bond sale. Between 2005 and 2007, Clark extracted more than $22 million from the operations of Cay Clubs for himself. All the while, you, the condo owner, are paying about $1,500 a year in assessments on your property to repay those bonds.This is what Donald Dwyer is fighting against. As Bloomberg News’s Amanda Albright reported, the former Maryland lawmaker is fed up with the situation and has launched headfirst into a crusade against the outstanding debt. He rose up to become the chairman of the district’s board of supervisors, and earlier this month took the drastic step of filing for Chapter 9 bankruptcy protection.“We’re going to let somebody else intervene on our behalf because this has gotten insane,” the 61-year-old Dwyer told Albright. “I’m not going to assess my community for a debt I can’t justify.”Not surprisingly, this is seen as major foul play in the $3.8 trillion municipal market. This type of debt is “not supposed to be impaired,” said James Spiotto, a municipal bankruptcy expert. The lawyer representing OppenheimerFunds Inc., which owns all of the district’s remaining debt, evoked Meredith Whitney by warning of widespread defaults. Clearwater Cay must pay, he argued, “otherwise, every city, county, school board, 600 community development districts in Florida, et cetera, would be doing the same thing.”Obviously, that is hyperbole. Plenty of debt from community development districts, which came to be known as “dirt bonds,” did default in the wake of the housing bust. But this situation — the whole “I’m not going to assess my community” part — is different, and speaks to bond investors’ instinctual alarm anytime covenants are under attack. In the case of Clearwater Cay CDD, it’s hard to feel much sympathy for OppenheimerFunds. After all, the money manager known for taking bets on risky securities bought into an unrated project backed by Clark, now revealed to be a convicted criminal. Among other things, he “sold units Cay Clubs had acquired, to himself, while increasing the sales price,” and “used proceeds from the investor sales to purchase a gold mine, a coal reclamation project and a rum distillery for his personal benefit.” And that’s just part of the scheming. It takes a special level of fraud to get 40 years in prison. On the other hand, it’s not as if the property is completely uninhabitable. The offering documents say this (emphasis mine):The District covenants in the Indenture, that if any 2006 Assessment shall be either in whole or in part annulled, vacated or set aside by the judgment of any court, or the District shall be satisfied that any such 2006 Assessments are so irregular or defective that it cannot be enforced or collected, or if the District shall have omitted to make such 2006 Assessments when it might have done so, the District shall either: (i) take all necessary steps to cause a new Assessment to be made for the whole or any part of such improvement or against any property benefited by such improvement; or (ii) in its sole discretion, make up the amount of such Assessment from legally available monies.At first glance, this reads as a pledge to do everything possible to make assessments and pay investors. The documents go on to suggest foreclosure proceedings should any property owners fail to pay what they owe, though it does say the district is merely “authorized” to commence legal action, rather than required. But overall, the protections appear strong enough that it’s not an obligation from which officials can easily walk away.The tricky part is determining precisely what bondholders deserve to be paid. These aren’t property taxes backed by full faith and credit,(1)rather, they are levies on “land within the District specifically benefited by certain infrastructure improvements” financed by the debt proceeds. Dwyer’s side argues the condo owners have gained virtually nothing and so should pay virtually nothing.(2)OppenheimerFunds disagrees.None of this is ideal for any of the parties involved. Perhaps that’s why in the 2015 fiscal year, the district took some land and a shopping center and exchanged it in return for canceling some of the outstanding bond payments. But even that came with added drama: No appraisal was done. A judge found that the valuation was arbitrary and there needs to be a reassessment of what property owners ought to pay. That technically could be higher, but will probably end up being lower, in a victory for Dwyer and a hit to OppenheimerFunds’s investment.Bruce Barnes, the attorney who represented the owners, said he considers the ruling “a substantial victory for the owners, depending upon what ultimately transpires in the new assessment procedure now underway.” He said it could leave residents entitled to refunds for the assessments that have been paid since 2015. At the very least, he says, a “conservative model” from a financial adviser has residents owing $900,000 to OppenheimerFunds, rather than $4.3 million.What’s clear is that when a Ponzi scheme and bond covenants collide, neither side is going to wind up perfectly happy. After hearing the full extent of Clark’s fraud, and seeing their Venice dreams dashed, it’s entirely understandable that landowners feel cheated. OppenheimerFunds, with extensive experience in this arena, is fighting for its investors, some of whom are likely individuals that count on its battle-tested team. Neither can hope to fix the damage done. They can only sort out the wreckage. (1) Even though offering documents say that "subject to certain conditions, 2006 Assessments may be collected in the same manner as county ad valorem taxes," it specifies that "the levy will take the form of non-ad valorem special assessments that will be liens against properties within the boundary of the District that receive special benefits from the CIP or portions of the CIP."(2) Per the bond documents: "No acre or parcel of property within the boundary of the District will be assessed for the payment of any non-ad valorem special assessment more than the determined special benefit peculiar to that property."To contact the author of this story: Brian Chappatta at email@example.comTo contact the editor responsible for this story: Daniel Niemi at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
"We thank Jon for his numerous accomplishments in his six years of service to Meredith, and wish him well in the future," said Meredith President and Chief Executive Officer Tom Harty. Harty said that Meredith does not plan to immediately fill the position, and that the group's senior leadership team will now report directly to him. Harty previously served as Meredith National Media Group President from 2010 to 2016.
List Recognizes Top 10 Food Industry Leaders and Visionaries NEW YORK and SHELBURNE, Vt ., June 10, 2019 /PRNewswire/ -- Today Meredith Corporation's (NYSE: MDP: Meredith.com ) EatingWell magazine announced ...
Meredith Corp NYSE:MDPView full report here! Summary * ETFs holding this stock are seeing positive inflows but are weakening * Bearish sentiment is high * Economic output in this company's sector is contracting Bearish sentimentShort interest | NegativeShort interest is extremely high for MDP with more than 20% of shares on loan. This means that investors who seek to profit from falling equity prices are currently targeting MDP. Money flowETF/Index ownership | NegativeETF activity is negative and may be weakening. The net inflows of $1.28 billion over the last one-month into ETFs that hold MDP are among the lowest of the last year and appear to be slowing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managersâ€™ Index (PMI) data, output in the Consumer Servicesis falling. The rate of decline is significant relative to the trend shown over the past year, and is accelerating. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
"Entertainment Weekly remains one of the most trusted brands in the entertainment industry, and we plan to deepen our connection with our loyal fans," said Bruce Gersh, President of the Meredith Entertainment Group that includes PEOPLE, Entertainment Weekly and People en Español. "With the vision and experience to produce premium entertainment content, JD Heyman is the perfect choice as we reimagine the EW brand for accelerated growth and success.
DES MOINES, Iowa , June 3, 2019 /PRNewswire/ -- Meredith Corporation (NYSE: MDP; meredith.com), the leading media and marketing company with national brands serving 175 million unduplicated Americans — ...
Nutanix's (NTNX) third-quarter fiscal 2019 results benefit from continued growth in customer base. However, slower sales cycles hurt the top line.
Although past 2019 issues have led consumers to digital recipes, e‑commerce experiences and videos through SmartCodes, audio content now adds another dimension to the brand's SmartCode offerings. In the past six months, consumer interaction with SmartCodes are up 10x with thousands of scans per title. The voice behind the content to audio SmartCodes, Elise Mayfield, is star of Allrecipes' new hilarious and informative IGTV series, "Smart Cookie." Mayfield is featured in this issue's "Cook to Follow" editorial feature and is an active member of the Allrecipes community of home cooks.
Sports Illustrated magazine has been sold for $110 million to a company that specializes in managing fashion, entertainment and sports brands, including marketing rights to Shaquille O'Neal and Muhammad Ali. The seller, Meredith Corp., will continue running the print edition and the website SI.com for at least two years. Its editor and publisher are staying on, and the magazine will have editorial independence.
Stocks that moved substantially or traded heavily on Tuesday: Total System Services Inc., up $5.39 to $118.84 The payments processing company is being bought by Global Payments in an all-stock deal valued ...
The purchase includes Sports Illustrated’s associated brands including Sports Illustrated, Sports Illustrated Kids, Sportsperson of the Year, Sports Illustrated Swimsuit, SI and SI TV. The transaction doesn't include the FanSided digital platform, which Meredith is still in the process of selling. "We are honored to welcome Sports Illustrated to the ABG family," said Jamie Salter, CEO of Authentic Brands Group.
Alibaba, AB InBev, Tesla, Disney and Authentic Brands Group are the companies to watch.
Meredith Corp. sold the intellectual property of Sports Illustrated to Authentic Brands Group (ABG) for $110 million. Des Moines, Iowa-based Meredith (NYSE: MDP) said Sunday that ABG bought "the marketing, business development and licensing functions for the Sports Illustrated intellectual property and brand, while the print magazine and SI.com will maintain editorial independence and continue to operate under the leadership of Meredith." The deal means that ABG believes the biggest asset of Sports Illustrated is its brand name. "As one of the most iconic brands in sports media, SI is a cultural centerpiece with massive opportunities for growth across its burgeoning digital, TV and social platforms and industry-leading print magazine.