LET THE SELL OFF BEGIN: Yesterday iHeart announced its intention to sell of their wholly-owned ClearChannel Outdoor division in an effort to pay down its overall debt, as reported in the attached Radio Ink link. If sold CC Outdoor is expected to net iHeart roughly $450M in cash. That seems like a decent chunk of change, but it would only pay down about 2% of iHeart’s overall $22B debt. The cash from an Outdoor sale could be enough to pay interest payments and maturing loans in 2018, which would buy iHeart some time for future debt restructuring. But they’ll still have the small issue of $8.4B in loans due in 2019, which would take a heck of a lot more than Outdoor’s liquidation to pay down. So who’s ready to burn some furniture?!?
MARRYING CONTENT WITH COMMERCE: Did you ever think you’d go shopping for Buzzfeed products at Walmart? That’s essentially what you could be doing later this week, according to the attached Business Insider link. To be specific Buzzfeed’s viral recipe app Tasty will begin featuring direct links to Walmart.com and Jet.com, where viewers can buy products featured in their cooking videos. Need a lemon zester to complete that scallopini dish? Jet has you covered. Or how about the groceries to cook the meal itself? Just one-touch Walmart.com. It’s the embodiment of a new strategy of converting Content to Commerce, and it seems so brilliantly simple. Walmart gets incremental traffic from Tasty’s 91M FB followers, and Tasty gets a way to monetize its existing content (via rev share) without getting into the kitchen utensil/grocery delivery game. I’d expect to see more “C2C” partnerships in the near future.
TO OFFICE OR NOT OFFICE . . . THAT IS THE QUESTION: Finally today, the attached article from Digiday caught my eye because I’ve experienced both setups in my career. The question is whether it’s better for office culture and productivity to have an open floor plan where everyone sits together in cubes or a more traditional space of segregated offices. Open seating setups are already common with publishers and agencies, and are now becoming the norm within clients’ marketing departments. Obviously making the transition to an open office can have a massive impact on workplace culture – but is it a good or bad thing? The benefits include cost savings for the org (you need less square footage per employee so lease costs goes down), and better communication/collaboration among employees who are within earshot of one another. The downside can be the distraction factor since its harder to concentrate and get things done with office noise all around you. But perhaps the biggest downside is the feeling that employees who used to have offices are somehow being demoted into the dreaded cubicle farm. This is compounded even more if higher level managers get to keep their offices. As quoted in the article . . . “We have a lot of issues with it — people hate it,” said the head of marketing at a U.S. brand. “They feel like they can’t get work done. Meanwhile, the CEO and higher-ups get to keep their privacy.” As I mentioned, I’ve experienced both setups and can tell you having the big comfy office is over rated. It’s better if everyone (including the bosses) check their egos at the door and embrace sitting with one another as a team. It’s so much better for collaboration if implemented correctly.
Have a great Tuesday guys!
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