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Two black corporations sold off to whites.. (Sundial & OWN)

jono
jono Right fist = power, left fist = unityMembers Posts: 30,280 ✭✭✭✭✭
edited December 2017 in For The Grown & Sexy
First:
Unilever, the maker of Dove soap and Ben & Jerry’s ice cream, is acquiring Sundial Brands to expand its offering of hair- and skin-care products aimed at black women.

New York-based Sundial, founded in 1991 by Liberian immigrants, makes brands such as SheaMoisture, Nubian Heritage, Madam C.J. Walker and Nyakio. While terms of the transaction were not disclosed, Sundial Brands expects revenue this year of about $240 million, Unilever said in a statement Monday.


The takeover follows Unilever’s investment earlier this year in Beauty Bakerie, a cosmetics maker based in San Diego that’s backed by Lazard Managing Director William Lewis and American Express Chief Executive Officer Kenneth Chenault.

Businesses such as Sundial Brands and Beauty Bakerie have garnered a following among young Africans, African-American and other black women, whose spending power is being increasingly targeted by consumer giants. L’Oreal, for example, has built a hair-care research center in Johannesburg to increase sales on the African continent. Last month, French luxury-goods maker LVMH beat estimates for third-quarter sales in part on the strength of Fenty Beauty by Rihanna, a new makeup line developed with the Barbadian pop singer.

As part of the agreement announced Monday, Unilever and Sundial are creating the New Voices Fund with an initial investment of $50 million to “empower women of color entrepreneurs.”

Sundial will operate as a standalone business and continue to be led by Chief Executive Officer Richelieu Dennis, Unilever said.



18:50
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Comments

  • jono
    jono Right fist = power, left fist = unity Members Posts: 30,280 ✭✭✭✭✭
    edited December 2017
    Then also:
    Oprah Winfrey is giving up control of her 6-year-old cable network — for $70 million.

    The former talk show queen is selling a nearly 25 percent stake to David Zaslav’s Discovery Communications — which had been a 50/50 partner with Winfrey since the woman-focused OWN: Oprah Winfrey Network formed in 2008 — both companies said Monday.

    It first went on the air in 2011.

    After the sale of the 24.5 percent stake, Discovery will own 74.5 percent of OWN and be able to report the cable network’s results on its balance sheet.


    Before Monday’s deal, OWN had been a joint venture between Winfrey and Discovery.

    "Creating OWN and seeing it flourish, supported by Discovery and a rapidly growing group of the finest storytellers in film and television, is one of my proudest achievements,” Winfrey said.

    The deal marks the first time that the cable giant has made a cash payment to Harpo Inc., Winfrey’s company, since the partners inked the joint venture 10 years ago.

    Winfrey’s Harpo Inc. will retain a “significant minority interest” in OWN, and Winfrey will continue as chief executive — and, equally as important, will work exclusively for OWN in the basic cable space through 2025.

    Currently, Winfrey is a special correspondent for “60 Minutes” on CBS.

    OWN, which hit some early ratings speed bumps, has recently picked up steam thanks to relationships with producer Tyler Perry and producer/director Ava DuVernay.

    The OWN deal continues Discovery’s focus on female audiences.

    In July, Discovery acquired Scripps Networks Interactive for a cash-and-stock deal valued at $11.9 billion.

    The Scripps deal, expected to close in early 2018, will bring together Scripps’ largely female-targeted lifestyle channels such as HGTV, Travel Channel and Food Network with Discovery’s TLC, ID and OWN.

    Shares of Discovery closed at $20.85, up 7.1 percent, on Monday.
    https://nypost.com/2017/12/04/oprah-sells-stake-in-own-for-75m/
  • Shizlansky
    Shizlansky Members Posts: 35,095 ✭✭✭✭✭
    Is this a problem?
  • AZTG
    AZTG Members Posts: 7,598 ✭✭✭✭✭
    Hows this black folks selling out?

    Sounds like people did exactly what they were supposed to. Build a brand from scratch and in the case of the first story, sell it for 240 million. Thats exactly what you supposed to do. Good for them.

    You reaching super hard here.
  • 7figz
    7figz Still don’t nothing move but the money Members Posts: 15,294 ✭✭✭✭✭
    Lets make 2 more then.

    Boyce Watkins kind of full of 🤬 to me.
  • Brian B.
    Brian B. Members Posts: 6,717 ✭✭✭✭✭
    AZTG wrote: »
    Hows this black folks selling out?

    Sounds like people did exactly what they were supposed to. Build a brand from scratch and in the case of the first story, sell it for 240 million. Thats exactly what you supposed to do. Good for them.

    You reaching super hard here.

    re-read it

    that's their expected revenue this year

    they gettin billions
  • Valentinez A. Kaiser
    Valentinez A. Kaiser Members Posts: 9,028 ✭✭✭✭✭
    the narrative should be more about the lack of black business investors than "selling out".

    Inevitably if you're a "black" business and decide to sell your company (or majority control), then the reality is it's majority "white buyers".
  • 5 Grand
    5 Grand Members Posts: 12,869 ✭✭✭✭✭
    Business isn't black or white, its green.

    Having said that, I'd like to see some Black owned Investment Banking firms that have traders on the New York Stock Exchange trading floor.
  • 5 Grand
    5 Grand Members Posts: 12,869 ✭✭✭✭✭
    Truth be told, I’m working on something right now with every intention of achieving a corporate buyout. From development, marketing and packaging, I’m hands on and hopefully my product will have generated enough revenue and have a firm base in the market it’s in that some huge company will take notice, see the growth potential and take over. I have no plans on creating anything I see myself being hands on with for life. My entire agenda is built around corporate involvement. Take my product to places I can’t. And in the process make my name ring in the business world. Opt out at the height of success and focus on the next big thing.

    I'm working on a few projects like that myself.

    I'd rather be the founder, get the company up and running, sell it for tens of millions and then invest the money in a portfolio that pays interest on the first and 15th of every month.

    Just to add on, the most important thing to know is: when you get your first million you have to know how to invest it yourself. That means you can't rely on a financial planner or a stockbroker, they'll just rip you off because they think you're an idiot because you hired them to manage your money.

    Its really not that difficult to go on Scottrade and buy stocks, or mutual funds. Scottrade charges $8 per trade. A stockbroker will charge you $2,000 to make the trade and then call you up an hour later and talk you into selling the stock you just bought and buying something else, which just makes his pockets fatter.
  • marc123
    marc123 Members Posts: 16,999 ✭✭✭✭✭
    Thread title is click bait smh
  • LcnsdbyROYALTY
    LcnsdbyROYALTY King of Myself Members Posts: 13,763 ✭✭✭✭✭
    It's dope seein a few of yall contemplating building businesses and products. I have an idea for a niche publishing outfit that I want to put into motion, I don't think I could sell out though. I want to actually reach the heights of these multibillion dollar conglomerates. They only pay you so much, with the notion of making them bigger, as was described in the OP
  • jono
    jono Right fist = power, left fist = unity Members Posts: 30,280 ✭✭✭✭✭
    Truth be told, I’m working on something right now with every intention of achieving a corporate buyout. From development, marketing and packaging, I’m hands on and hopefully my product will have generated enough revenue and have a firm base in the market it’s in that some huge company will take notice, see the growth potential and take over. I have no plans on creating anything I see myself being hands on with for life. My entire agenda is built around corporate involvement. Take my product to places I can’t. And in the process make my name ring in the business world. Opt out at the height of success and focus on the next big thing.

    I think most people are, they just aren't being real with themselves.

    There is something to be said about leaving a legacy though.
  • MallyG
    MallyG I Take Myself Out on Dates Members Posts: 4,916 ✭✭✭✭✭
    Brian B. wrote: »
    AZTG wrote: »
    Hows this black folks selling out?

    Sounds like people did exactly what they were supposed to. Build a brand from scratch and in the case of the first story, sell it for 240 million. Thats exactly what you supposed to do. Good for them.

    You reaching super hard here.

    re-read it

    that's their expected revenue this year

    they gettin billions

    While you're right about him needing to read the article again (it clearly stated their revenue was 240 for the year).... who is "they" and where did u get billions from?
  • sunlord
    sunlord Members Posts: 515 ✭✭✭✭
    There is a difference between big business and small-middle sized business. Big business is heartless and has no real identity it only really cares about profit race really means nothing at that point. through the creation of smaller and mid sized businesses blacks can attain economic and political influence over our communities.
  • Lab Baby
    Lab Baby Parts Unknown via BrooklynMembers Posts: 8,154 ✭✭✭✭✭
    I 🤬 with Shea Moisture too. I feel some way about this.
  • MECCA1000
    MECCA1000 Members Posts: 2,756 ✭✭✭✭✭
    Unilever is a monster ...... they buy companies, take all the good 🤬 then sell off the rest ...... their stocks are have been steady since I 1st checked for them since '02
  • Lab Baby
    Lab Baby Parts Unknown via BrooklynMembers Posts: 8,154 ✭✭✭✭✭
    sunlord wrote: »
    There is a difference between big business and small-middle sized business. Big business is heartless and has no real identity it only really cares about profit race really means nothing at that point. through the creation of smaller and mid sized businesses blacks can attain economic and political influence over our communities.

    This.

    It's bad enough that we barely have a footing in corporate America as it is. Black businesses are guaranteed to keep Black ppl employeed, even if they decide to racially diversify their roster... which should be the real goal, as it will open up ideas to attain a wider market. Is it guaranteed that Black ppl, particularly the ppl that bring the best out of these products, will stay employeed under these new owners?

    I don't give a 🤬 about the Oprah portion of this, but Tyler Perry and Lee Daniels are two of the most powerful execs in Hollywood period thanks to Oprah. 🤬 , half of OWN is Tyler Perry shows. Plus, she put on Rachael Ray, Dr. Phil, etc... which emphasizes my point about hiring non Black ppl to broaden your company's reach.

    As far as Shea Moisture, what do white ppl know about Black hair? Most of that 🤬 on the shelf is poisonous to our scalp. Shea Moisture has been so successful cuz it's the best product you can buy. The ppl that own and work for Shea Moisture make it what it is. Most of their products are already in Wal-Mart, so distribution isn't a problem. Will they keep the same standards on quality, or will they undercut employees and production costs then spend the savings on marketing? This isn't about a few generations of a family living comfortably, it's about providing a service for our ppl we couldn't get anywhere else.
  • deadeye
    deadeye Walmart Warrior Kat's buttMembers Posts: 22,883 ✭✭✭✭✭
    edited December 2017
    [email protected] believing Oprah ever had true control over that company to begin with.



    According to the article, it was a 50/50 venture with Discovery.........so she never even had a majority stake in what she marketed as her......................"own" (pun intended)................company.
  • Brian B.
    Brian B. Members Posts: 6,717 ✭✭✭✭✭
    MallyG wrote: »
    Brian B. wrote: »
    AZTG wrote: »
    Hows this black folks selling out?

    Sounds like people did exactly what they were supposed to. Build a brand from scratch and in the case of the first story, sell it for 240 million. Thats exactly what you supposed to do. Good for them.

    You reaching super hard here.

    re-read it

    that's their expected revenue this year

    they gettin billions

    While you're right about him needing to read the article again (it clearly stated their revenue was 240 for the year).... who is "they" and where did u get billions from?


    "they" as in that company


    & that was an educated guess, if your company makes a quarter billion dollars a yr, you ain't finna sell for a couple hundred mil
  • deadeye
    deadeye Walmart Warrior Kat's buttMembers Posts: 22,883 ✭✭✭✭✭
    Also, $70 million seems kind of low.



    The network must not have been doing that well.



    Otherwise, there'd be no reason to sell a 25% stake.



    Guess she just decided to cut her losses.
  • VulcanRaven
    VulcanRaven I don't knowMembers Posts: 18,859 ✭✭✭✭✭
    5 Grand wrote: »
    Business isn't black or white, its green.

    Having said that, I'd like to see some Black owned Investment Banking firms that have traders on the New York Stock Exchange trading floor.

    This is only true in theory. For blacks it is not true. Whites make moves like this to keep blacks down. How do you think they got companies like Coke, Disney and Nike? You really think there is no ulterior motive to these moves by the buyers? When you sell you lose power. Look at what BET turned into. You lose marketing to promote black interests and issues.
  • VulcanRaven
    VulcanRaven I don't knowMembers Posts: 18,859 ✭✭✭✭✭
    SMH @ 🤬 nonchalantly claiming "its just business"

    in Oprah's case she can get away with it more cuz she is already a billionaire

    but at the same time a media network is a powerful thing........... now with Oprah I'm not surprised at her being willing to compromise the potential imagery on her network........she has been bought off by white people a long time ago

    yeah it can make sense to build and sell ur business off, but ownership still used to mean something......just look at what happened to BET after it was sold to white folks



    and as far as Sundial, I understand why broke people always think cashing out is cool

    but then later on the same people get mad cuz we have no real political power

    I'm starting to really believe black people really are bred to be submissive by nature and that's why we constantly asking permission from other folks to be treated with respect :(

    You get it. Notice no Asian businesses are selling to anyone outside of their own people and the same with the Jews. The Clippers went from one Jew to another.