Harte Hanks Promotes Brian Linscott to Chief Executive Officer

 

Linscott’s Two-year Plus Company Senior Executive Role Ensures Continuity of Experienced Leadership

 

Harte Hanks Promotes Brian Linscott to Chief Executive Officer

 

Linscott’s Two-year Plus Company Senior Executive Role Ensures Continuity of Experienced Leadership

 

Gray Television Forms New Sports and Entertainment Revenue Group

 

ATLANTA, June 18, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) has formed a new sales and sponsorship entity called Gray Sports + Entertainment Sales to represent the company’s internal content production portfolio to brands and advertising agencies. The new group is responsible for revenue generation of Gray-owned media and sponsorship assets.

In addition to owning the largest portfolio of top-rated local television stations and digital assets in the country, Gray owns Raycom Sports, Tupelo Honey, and RTM Studios. These three video production companies collectively produce hundreds of hours of sports and entertainment programming each year through live events, original content, and branded entertainment for all types of platforms. Some of these properties include:

• World Chase Tag, an emerging cultural phenomenon that combines the athleticism of parkour with the age-old game of tag.

• The ACC Digital Network, the official home for all the best ACC digital, video and social content

• Origin Sports, bringing fans the biggest names in sports before they were stars.

• PowerNation, America’s most-watched automotive how-to programming.

• Full Court Press, hosted by Greta Van Susteren, a weekly program shining a light on the local impact of national politics.

• The Song, a multi-genre music and entertainment series that shares the incredible stories behind the biggest songs ever written and recorded.

Gray Sports + Entertainment Sales is led by Bill Lancaster, currently Vice President of Sales for both Raycom Sports and RTM Studios. Lancaster will be responsible for the group’s strategy and execution. Before joining Gray in 2016, Lancaster spent 20 years with Gannett/TEGNA in a variety of leadership roles.

Joel Lewin joins the group as Senior Director of Revenue Development. Lewin brings more than 30 years of sales and marketing experience. He joins Gray from Warner Bros. Television, where he served most recently as Vice President-Media Sales since 2001 and as Vice President, Station Sales prior to that.

“One of the great strengths of Gray Television is the passionate communities we represent through the broad array of content we produce and distribute across many different platforms” said Pat LaPlatney, President and Co-CEO of Gray Television. “This initiative showcases our unique programming to marketers through high-impact sponsorships and will help us serve our customers more effectively.”

Gray previously announced agreements to acquire Quincy Media and Meredith Corporation. Following the anticipated closings of these transactions later this year, Gray will become the nation’s second largest television broadcaster. At that time, Gray’s portfolio of television stations will serve 113 local markets reaching approximately 36 percent of US television households.

About Gray Television

Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States. Upon the closing of its acquisition of Quincy Media, Inc., Gray will own television stations serving 102 television markets that collectively reach 25.4 percent of US television households, including the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content and is the majority owner of Swirl Films.

Gray Television Forms New Sports and Entertainment Revenue Group

 

ATLANTA, June 18, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) has formed a new sales and sponsorship entity called Gray Sports + Entertainment Sales to represent the company’s internal content production portfolio to brands and advertising agencies. The new group is responsible for revenue generation of Gray-owned media and sponsorship assets.

In addition to owning the largest portfolio of top-rated local television stations and digital assets in the country, Gray owns Raycom Sports, Tupelo Honey, and RTM Studios. These three video production companies collectively produce hundreds of hours of sports and entertainment programming each year through live events, original content, and branded entertainment for all types of platforms. Some of these properties include:

• World Chase Tag, an emerging cultural phenomenon that combines the athleticism of parkour with the age-old game of tag.

• The ACC Digital Network, the official home for all the best ACC digital, video and social content

• Origin Sports, bringing fans the biggest names in sports before they were stars.

• PowerNation, America’s most-watched automotive how-to programming.

• Full Court Press, hosted by Greta Van Susteren, a weekly program shining a light on the local impact of national politics.

• The Song, a multi-genre music and entertainment series that shares the incredible stories behind the biggest songs ever written and recorded.

Gray Sports + Entertainment Sales is led by Bill Lancaster, currently Vice President of Sales for both Raycom Sports and RTM Studios. Lancaster will be responsible for the group’s strategy and execution. Before joining Gray in 2016, Lancaster spent 20 years with Gannett/TEGNA in a variety of leadership roles.

Joel Lewin joins the group as Senior Director of Revenue Development. Lewin brings more than 30 years of sales and marketing experience. He joins Gray from Warner Bros. Television, where he served most recently as Vice President-Media Sales since 2001 and as Vice President, Station Sales prior to that.

“One of the great strengths of Gray Television is the passionate communities we represent through the broad array of content we produce and distribute across many different platforms” said Pat LaPlatney, President and Co-CEO of Gray Television. “This initiative showcases our unique programming to marketers through high-impact sponsorships and will help us serve our customers more effectively.”

Gray previously announced agreements to acquire Quincy Media and Meredith Corporation. Following the anticipated closings of these transactions later this year, Gray will become the nation’s second largest television broadcaster. At that time, Gray’s portfolio of television stations will serve 113 local markets reaching approximately 36 percent of US television households.

About Gray Television

Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States. Upon the closing of its acquisition of Quincy Media, Inc., Gray will own television stations serving 102 television markets that collectively reach 25.4 percent of US television households, including the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content and is the majority owner of Swirl Films.

Entravision Communications Corporation Expands Global Digital Footprint Through Acquisition of Leading Digital Marketing & Advertising Company MediaDonuts

 

Acquisition broadens Company’s premier digital offering to the fast growing Southeast Asia marketplace

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC) (“Entravision” or “the Company”) announced today that the Company has entered into a definitive agreement to acquire MediaDonuts, a leading digital marketing performance and branding company with operations across seven countries in the Asia-Pacific region. For over a decade, MediaDonuts has helped its customers achieve their performance and branding goals across digital media channels. The acquisition is anticipated to close on or around July 1, 2021.

Founded in 2010, MediaDonuts offers extensive digital advertising capabilities through its strategic partnerships with major global media and technology platforms. Headquartered in Singapore, MediaDonuts serves more than 500 technology and consumer brand clients.

“We are thrilled to announce our acquisition of MediaDonuts,” said Walter Ulloa, Chairman and Chief Executive Officer of Entravision. “This acquisition is a natural fit with the overall digital and global transformation strategy of our business. Entravision has always focused on providing advertising solutions in high growth markets and partnering with the strongest media and technology platforms in the world. We believe that the incorporation of MediaDonuts into the Entravision platform adds leadership, sales operations and digital offerings that will further propel our digital efforts.”

Entravision’s acquisition of MediaDonuts is the next key step in the Company’s plan to become a leading marketing technology service provider in the world’s highest growth economies. Southeast Asia represents a company milestone, as Entravision will be tapping into a new consumer market that represents nearly 700 million people, 400 million of which are digitally connected.

“When we founded MediaDonuts, we wanted to build a digital marketing and performance service enterprise that could seamlessly connect advertisers and agencies with their target audiences. By crafting an ideal mix of partnerships, including some of the world’s largest social and entertainment networks, we have done just that and more,” said Pieter-Jan de Kroon, Co-Founder and Chief Executive Officer of MediaDonuts. “With our business positioned for success, we are excited to now have the opportunity to join the global digital platform Entravision has built over the past decade. I am confident in the many commercial, technological and product development synergies our business will achieve going forward as a combined entity.”

“We are very excited to welcome Pieter-Jan and the entire MediaDonuts team to the Entravision family,” said Juan Saldívar, Entravision’s Chief Digital, Strategy and Accountability Officer. “Expanding our digital business is core to our overall growth plans, and following our majority investment in Cisneros Interactive this past October, digital now represents over 65 percent of our revenues. With a global digital platform now poised to reach and serve clients in 32 countries, we are confident the addition of MediaDonuts will further enhance our service offerings and help drive our continued global growth.”

Upon the closing of this transaction, all MediaDonuts employees will remain with the company, and Pieter-Jan de Kroon will continue to serve as CEO of the business based out of its headquarters in Singapore. MediaDonuts has a team of more than 80 employees located in Singapore, Thailand, Philippines, Vietnam, Indonesia, Malaysia and India. MediaDonuts’ sophisticated sales and media innovators offer services in programmatic buying, technology and insights and media planning that enable leading brands to transform their digital customer engagement strategies. The company has also built a media representation arm that supports some of the largest names in media and technology across Southeast Asia through its extensive sales organization.

For more information on the transaction, please review the Company’s most recent filings with the Securities and Exchange Commission on Form 8-K.

About Entravision Communications Corporation

Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

About MediaDonuts

MediaDonuts is an online advertising and technology company that helps advertisers achieve their performance and branding goals across digital media channels. MediaDonuts connects brands with their respective audiences through strategic partnerships with major global media and technology platforms. MediaDonuts has offices in seven countries across APAC with its headquarters in Singapore. For more information, please visit https://mediadonuts.com/.

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation the Company’s current expectations and intentions with respect to the filing of its Form 10-K. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

Entravision:

Christopher T. Young
Chief Financial Officer
310-447-3870

Kimberly Esterkin
ADDO Investor Relations
310-829-5400
[email protected]

MediaDonuts:

Pieter-Jan de Kroon
Chief Executive Officer
[email protected]

Source: Entravision Communications Corporation

Thursday, June 10, 2021

Entravision Communications (EVC)
The World Is Its Oyster

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Plans to acquire MediaDonuts. The acquisition of MediaDonuts, which is expected to close July 1st, will establish the company as a Digital Marketing company in Southeast Asia, moving beyond its traditional Hispanic oriented media businesses. We estimate that the acquisition in total will be roughly $32 million in cash, plus earnouts, with a series of payments beginning at $15 million on July 1st. The acquisition is viewed favorably.


Favorable valuation.  We estimate that MediaDonuts generated roughly $50 million in trailing 12 month revenue and $4 million in trailing adjusted EBITDA. As such, the company is estimated to pay roughly 8 times trailing cash flow for a business we believe is growing revenues and cash flow strongly in the double-digits. With the acquisition, the company will move solidly to become a digital media …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

Entravision Communications Corporation Expands Global Digital Footprint Through Acquisition of Leading Digital Marketing & Advertising Company MediaDonuts

 

Acquisition broadens Company’s premier digital offering to the fast growing Southeast Asia marketplace

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC) (“Entravision” or “the Company”) announced today that the Company has entered into a definitive agreement to acquire MediaDonuts, a leading digital marketing performance and branding company with operations across seven countries in the Asia-Pacific region. For over a decade, MediaDonuts has helped its customers achieve their performance and branding goals across digital media channels. The acquisition is anticipated to close on or around July 1, 2021.

Founded in 2010, MediaDonuts offers extensive digital advertising capabilities through its strategic partnerships with major global media and technology platforms. Headquartered in Singapore, MediaDonuts serves more than 500 technology and consumer brand clients.

“We are thrilled to announce our acquisition of MediaDonuts,” said Walter Ulloa, Chairman and Chief Executive Officer of Entravision. “This acquisition is a natural fit with the overall digital and global transformation strategy of our business. Entravision has always focused on providing advertising solutions in high growth markets and partnering with the strongest media and technology platforms in the world. We believe that the incorporation of MediaDonuts into the Entravision platform adds leadership, sales operations and digital offerings that will further propel our digital efforts.”

Entravision’s acquisition of MediaDonuts is the next key step in the Company’s plan to become a leading marketing technology service provider in the world’s highest growth economies. Southeast Asia represents a company milestone, as Entravision will be tapping into a new consumer market that represents nearly 700 million people, 400 million of which are digitally connected.

“When we founded MediaDonuts, we wanted to build a digital marketing and performance service enterprise that could seamlessly connect advertisers and agencies with their target audiences. By crafting an ideal mix of partnerships, including some of the world’s largest social and entertainment networks, we have done just that and more,” said Pieter-Jan de Kroon, Co-Founder and Chief Executive Officer of MediaDonuts. “With our business positioned for success, we are excited to now have the opportunity to join the global digital platform Entravision has built over the past decade. I am confident in the many commercial, technological and product development synergies our business will achieve going forward as a combined entity.”

“We are very excited to welcome Pieter-Jan and the entire MediaDonuts team to the Entravision family,” said Juan Saldívar, Entravision’s Chief Digital, Strategy and Accountability Officer. “Expanding our digital business is core to our overall growth plans, and following our majority investment in Cisneros Interactive this past October, digital now represents over 65 percent of our revenues. With a global digital platform now poised to reach and serve clients in 32 countries, we are confident the addition of MediaDonuts will further enhance our service offerings and help drive our continued global growth.”

Upon the closing of this transaction, all MediaDonuts employees will remain with the company, and Pieter-Jan de Kroon will continue to serve as CEO of the business based out of its headquarters in Singapore. MediaDonuts has a team of more than 80 employees located in Singapore, Thailand, Philippines, Vietnam, Indonesia, Malaysia and India. MediaDonuts’ sophisticated sales and media innovators offer services in programmatic buying, technology and insights and media planning that enable leading brands to transform their digital customer engagement strategies. The company has also built a media representation arm that supports some of the largest names in media and technology across Southeast Asia through its extensive sales organization.

For more information on the transaction, please review the Company’s most recent filings with the Securities and Exchange Commission on Form 8-K.

About Entravision Communications Corporation

Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.

About MediaDonuts

MediaDonuts is an online advertising and technology company that helps advertisers achieve their performance and branding goals across digital media channels. MediaDonuts connects brands with their respective audiences through strategic partnerships with major global media and technology platforms. MediaDonuts has offices in seven countries across APAC with its headquarters in Singapore. For more information, please visit https://mediadonuts.com/.

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation the Company’s current expectations and intentions with respect to the filing of its Form 10-K. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

Entravision:

Christopher T. Young
Chief Financial Officer
310-447-3870

Kimberly Esterkin
ADDO Investor Relations
310-829-5400
[email protected]

MediaDonuts:

Pieter-Jan de Kroon
Chief Executive Officer
[email protected]

Source: Entravision Communications Corporation

FinTok and ‘Finfluencers’ are on the Rise: 3 Tips to Assess if Their Advice Has Value

 

Queenie Tan is full of financial advice. Whether it is cheap date ideas, buying furniture, saving your first $100,000, doing your tax return or investing in Dogecoin, there is seemingly no topic the 24-year-old Sydney woman can’t confidently tackle.

Her posts and videos have gained her 15,000 followers on Instagram and 42,000 followers on TikTok. Her explainer on Australian tax rules for cryptocurrency capital gains has been viewed more than 360,000 times. Her tips for first home buyers more than 400,000 times. Both videos last less than a minute.

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts.  It was written by and represents the thoughts of Australian Senior Lecturer in Finance Angel Zhong of RMIT University, AU.

 

Queenie’s qualifications as a financial expert are slim. She has worked as a marketing manager. She says she accumulated close to A$350,000 in assets in five years. That, along with being photogenic and vivacious, is more than enough to join the swelling ranks of “finfluencers” – social media content creators building an audience through dispensing financial advice.

Becoming a finfluencer can be highly lucrative. On TikTok the hashtag #FinTok has been viewed more than 340 million times. Among the top FinTok elite is Californian Stephen Chen, a former maths teacher turned “financial freedom coach” with close to 780,000 followers. Another is Sara Rosalia, a Canadian teenager who as “Sara Finance” has attracted more than 670,000 followers.

Aspiring influencers are also finding financial content a successful formula on Youtube, Twitter and Reddit.

But as lucrative as this trend may be for those who make it to the top of the finfluencer money tree, the gains for followers are far less certain. It is the wild west for financial information, with few of the checks and balances that regulate other areas of financial advice.

 

Driving Trading Frenzies

Cryptocurrency trading platform Plaxful analysed 1,212 videos from a sample of 50 popular finance-focused TikTok accounts in 2020. It rated 14% of them as misleading. This included, without disclosures or disclaimers, encouraging users to buy specific assets and implying an investment would guarantee a profit.

 

 

In recent months we’ve seen just how influential social media can be in encouraging people to buy or sell particular stocks.

There was the Gamestop trading frenzy, in which stocks of a video game retailer surged from US$19 to US$347 in less than two weeks, driven by Redditors and helped along by tweets from Elon Musk.

Musk’s twittering has also been instrumental in boosting the price of Dogecoin and sending Bitcoin’s price both up and down.

A social media influencer at their best will build an audience through solid financial advice. But they can also build an audience by making sensational claims about their advice, promising huge returns and even pushing dud products.

 

Other Financial Advice is Regulated

The Australian Securities and Investments Commission says complaints about unlicensed financial advice, including through social media, have been escalating since March 2020 – the beginning of the COVID-19 pandemc. The corporate regulator has expressed its concern about such advice because consumers lack any legal protection.

In Australia (as elsewhere), there are laws regulating the conduct of those running financial advice businesses. Advisers must be licensed. Touting yourself as a financial adviser without a licence can lead to a fine up to A$133,200 and a prison sentence of up to five years.

Qualifying for a licence requires completing courses and passing exams, including on ethics.

To become a finfluencer, on the other hand, requires no specific expertise whatsoever. At most content creators are bound by general rules against false and misleading claims, platform guidelines and marketing codes of practice requiring paid partnerships to be disclosed.

 

Like the Bloke at the Pub?

Despite this, the Austalian government has signalled it sees no need to do more to regulate finfluencers. The federal minister for financial services and the digital economy, Jane Hume, last week described them as “an inevitable part of a financial ecosystem”. She explained:

The TikTok influencer spruiking Nokia is not that different to
the bloke down at the pub who wants to tell you all about the really great
company he just invested in — but with a much louder voice.

“Some of the information on online forums would be bad, she said, “but some of it will be good, and a lot of it will better engage younger generations in investment and financial markets.”

These are rather simplistic things for a minister in charge of the digital economy to say.

The bloke at the pub, for one thing, does not make money from his talk.

Social media influencers do. Take Youtube as an example. If they can attract a big enough audience, content creators can earn money through advertisements, affiliated links, sponsored content and selling branded merchandise. They can potentially profit by touting stocks they own, or be paid to promote some product.

Three Tips to Assess Finfluencers

This is not to say all finfluencers are suspect. Their advice, such as Queenie Tan’s tips on saving money, may be very sensible. They wouldn’t be popular if there wasn’t a demand for accessible financial information that itself doesn’t cost a fortune.

So here are my free three tips, if you love #fintok, to assess the credibility of an influencer and their advice.

First, don’t assume a large number of followers makes someone worth following. Popularity doesn’t equal credibility. Look at their background and educational qualifications. You don’t need a degree to get rich, but there should be some sort of evidence for their claims to be someone worth listening to.

Second, why are they sharing their secrets with you for free? The Chinese philosopher Lao-tzu is credited with saying: “Those who know do not tell”. This is as true now as in the 6th century. If an influencer really has some strategy to beat the market, why are they on social media telling everyone about it? Anyone touting a particular stock or product or strategy should be treated with suspicion.

Third, be wary of anyone promoting a get-rich-quick scheme. Yes, it is possible to make huge returns on an initial investment. But such windfall gains are the exception rather than the rule.

Any influencer telling you to emulate their secrets of success probably isn’t telling you the full truth unless they are also advising you to try your luck as a finfluencer.

 

Suggested Reading:

Is Zero Trust Architecture Enough	How Much is a Trillion?

What is the Future of Entertainment Consumption?	Inflations Impact on Stocks, Four Scenarios

 

Stay up to date. Follow us:

Stay up to date. Follow us:

FinTok and ‘Finfluencers’ are on the Rise: 3 Tips to Assess if Their Advice Has Value

 

Queenie Tan is full of financial advice. Whether it is cheap date ideas, buying furniture, saving your first $100,000, doing your tax return or investing in Dogecoin, there is seemingly no topic the 24-year-old Sydney woman can’t confidently tackle.

Her posts and videos have gained her 15,000 followers on Instagram and 42,000 followers on TikTok. Her explainer on Australian tax rules for cryptocurrency capital gains has been viewed more than 360,000 times. Her tips for first home buyers more than 400,000 times. Both videos last less than a minute.

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts.  It was written by and represents the thoughts of Australian Senior Lecturer in Finance Angel Zhong of RMIT University, AU.

 

Queenie’s qualifications as a financial expert are slim. She has worked as a marketing manager. She says she accumulated close to A$350,000 in assets in five years. That, along with being photogenic and vivacious, is more than enough to join the swelling ranks of “finfluencers” – social media content creators building an audience through dispensing financial advice.

Becoming a finfluencer can be highly lucrative. On TikTok the hashtag #FinTok has been viewed more than 340 million times. Among the top FinTok elite is Californian Stephen Chen, a former maths teacher turned “financial freedom coach” with close to 780,000 followers. Another is Sara Rosalia, a Canadian teenager who as “Sara Finance” has attracted more than 670,000 followers.

Aspiring influencers are also finding financial content a successful formula on Youtube, Twitter and Reddit.

But as lucrative as this trend may be for those who make it to the top of the finfluencer money tree, the gains for followers are far less certain. It is the wild west for financial information, with few of the checks and balances that regulate other areas of financial advice.

 

Driving Trading Frenzies

Cryptocurrency trading platform Plaxful analysed 1,212 videos from a sample of 50 popular finance-focused TikTok accounts in 2020. It rated 14% of them as misleading. This included, without disclosures or disclaimers, encouraging users to buy specific assets and implying an investment would guarantee a profit.

 

 

In recent months we’ve seen just how influential social media can be in encouraging people to buy or sell particular stocks.

There was the Gamestop trading frenzy, in which stocks of a video game retailer surged from US$19 to US$347 in less than two weeks, driven by Redditors and helped along by tweets from Elon Musk.

Musk’s twittering has also been instrumental in boosting the price of Dogecoin and sending Bitcoin’s price both up and down.

A social media influencer at their best will build an audience through solid financial advice. But they can also build an audience by making sensational claims about their advice, promising huge returns and even pushing dud products.

 

Other Financial Advice is Regulated

The Australian Securities and Investments Commission says complaints about unlicensed financial advice, including through social media, have been escalating since March 2020 – the beginning of the COVID-19 pandemc. The corporate regulator has expressed its concern about such advice because consumers lack any legal protection.

In Australia (as elsewhere), there are laws regulating the conduct of those running financial advice businesses. Advisers must be licensed. Touting yourself as a financial adviser without a licence can lead to a fine up to A$133,200 and a prison sentence of up to five years.

Qualifying for a licence requires completing courses and passing exams, including on ethics.

To become a finfluencer, on the other hand, requires no specific expertise whatsoever. At most content creators are bound by general rules against false and misleading claims, platform guidelines and marketing codes of practice requiring paid partnerships to be disclosed.

 

Like the Bloke at the Pub?

Despite this, the Austalian government has signalled it sees no need to do more to regulate finfluencers. The federal minister for financial services and the digital economy, Jane Hume, last week described them as “an inevitable part of a financial ecosystem”. She explained:

The TikTok influencer spruiking Nokia is not that different to
the bloke down at the pub who wants to tell you all about the really great
company he just invested in — but with a much louder voice.

“Some of the information on online forums would be bad, she said, “but some of it will be good, and a lot of it will better engage younger generations in investment and financial markets.”

These are rather simplistic things for a minister in charge of the digital economy to say.

The bloke at the pub, for one thing, does not make money from his talk.

Social media influencers do. Take Youtube as an example. If they can attract a big enough audience, content creators can earn money through advertisements, affiliated links, sponsored content and selling branded merchandise. They can potentially profit by touting stocks they own, or be paid to promote some product.

Three Tips to Assess Finfluencers

This is not to say all finfluencers are suspect. Their advice, such as Queenie Tan’s tips on saving money, may be very sensible. They wouldn’t be popular if there wasn’t a demand for accessible financial information that itself doesn’t cost a fortune.

So here are my free three tips, if you love #fintok, to assess the credibility of an influencer and their advice.

First, don’t assume a large number of followers makes someone worth following. Popularity doesn’t equal credibility. Look at their background and educational qualifications. You don’t need a degree to get rich, but there should be some sort of evidence for their claims to be someone worth listening to.

Second, why are they sharing their secrets with you for free? The Chinese philosopher Lao-tzu is credited with saying: “Those who know do not tell”. This is as true now as in the 6th century. If an influencer really has some strategy to beat the market, why are they on social media telling everyone about it? Anyone touting a particular stock or product or strategy should be treated with suspicion.

Third, be wary of anyone promoting a get-rich-quick scheme. Yes, it is possible to make huge returns on an initial investment. But such windfall gains are the exception rather than the rule.

Any influencer telling you to emulate their secrets of success probably isn’t telling you the full truth unless they are also advising you to try your luck as a finfluencer.

 

Suggested Reading:

Is Zero Trust Architecture Enough	How Much is a Trillion?

What is the Future of Entertainment Consumption?	Inflations Impact on Stocks, Four Scenarios

 

Stay up to date. Follow us:

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Gray Amends Merger Agreement With Meredith Corporation

 

ATLANTA, June 03, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) today confirmed that Meredith Corporation (“Meredith”) recently informed Gray that, after announcing the definitive agreement with Gray, it had received an unsolicited proposal to acquire its Local Media Group (“LMG”) division, including all of Meredith’s broadcast television stations, from another party. Gray subsequently offered to amend the parties’ Merger Agreement to increase the total consideration payable by Gray from approximately $14.50 per share in cash, or $2.7 billion in total enterprise value (after the spin off of Meredith’s National Media Group to the current Meredith shareholders), to $16.99 per share in cash, or $2.825 billion in total enterprise value; to increase certain fees due to the other party under certain termination events under the Merger Agreement; and to make certain other revisions. On June 2, 2021, Gray and Meredith entered into an amendment to reflect the revised terms.

Meredith has informed Gray that its Board of Directors unanimously approved the revised Gray proposal, citing superior certainty of value, regulatory considerations, path to close and expected timing.

Gray remains committed to moving forward with its pending acquisition of Meredith’s local television stations. Gray continues to believe that the proposed Gray/Meredith transaction is in the best interests of the shareholders of both Gray and Meredith, as well as the companies’ respective employees, business partners, and local communities.

Meredith’s Board continues to recommend that its shareholders approve the proposed transaction with Gray. In addition, Meredith shareholders with voting control of approximately 87% of the issued and outstanding Class B common stock of Meredith have entered into a voting and support agreement that generally requires that those shareholders vote their shares in favor of the adoption of the Merger Agreement and take certain other actions to support the transactions contemplated by the Merger Agreement (including voting against any competing proposal) as long as the Merger Agreement has not been terminated.

Gray continues to expect that the Meredith transaction, even as amended, will be significantly accretive to free cash flow per share. To date, Gray has identified an estimated $55 million in synergies annualized for the first full calendar year following the closing. Including these anticipated $55 million of synergies, the revised purchase price for Gray’s acquisition of Meredith represents a multiple of approximately 8.3 times a blended average of the Meredith television stations’ 2019/2020 operating cash flow.

The transaction is subject to approval by Meredith’s shareholders and customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spin-off of Meredith’s National Media Group immediately prior to the closing of Gray’s acquisition of Meredith. Expected strong free cash flow generation through the closing of all pending transactions and throughout 2021 and 2022 is anticipated to allow Gray to deleverage its capital structure following the closing. Assuming a year-end 2021 closing, Gray anticipates that its total leverage ratio, net of all cash, would approximate 5.4 times on a trailing eight-quarter operating cash flow, including estimated annualized synergies from all announced transactions.

About Gray:

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States. Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets, and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and it is the majority owner of Swirl Films.

Gray Contacts:  

Website: www.gray.tv

Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, 404-266-5512
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-504-9828

Forward-Looking Statements:

This press release contains certain forward looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s ability to complete its pending acquisition of Meredith or other pending transactions, on the terms and within the timeframe currently contemplated, any material regulatory or other unexpected requirements in connection therewith, or whether expected synergies can be achieved on a timely basis or at all, the impact of recently completed transactions, estimates of future retransmission revenue, future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This presentation reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Additional Information and Where To Find It

This communication is not a solicitation of a proxy from any shareholder of Meredith. Gray expects Meredith will file relevant materials with the Securities and Exchange Commission in connection with the proposed transactions, including a proxy. INVESTORS OF MEREDITH ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEREDITH, GRAY AND THE PROPOSED MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Meredith with the SEC at the SEC’s website at www.sec.gov.

Participants in the Merger Solicitation

Gray, Meredith and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of Meredith in connection with the proposed merger and related spin-off. Information about Gray’s directors and executive officers is available in its definitive proxy statement, dated March 25, 2021, for its 2021 annual meeting of shareholders. Information about Meredith’s directors and executive officers is available in Meredith’s definitive proxy statement, dated September 25, 2020, for its 2020 annual meeting of shareholders. Other information regarding the participants and description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and Form 10 registration statement regarding the proposed merger and related spin-off that Meredith will file with the SEC when it becomes available.

Gray Amends Merger Agreement With Meredith Corporation

 

ATLANTA, June 03, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) today confirmed that Meredith Corporation (“Meredith”) recently informed Gray that, after announcing the definitive agreement with Gray, it had received an unsolicited proposal to acquire its Local Media Group (“LMG”) division, including all of Meredith’s broadcast television stations, from another party. Gray subsequently offered to amend the parties’ Merger Agreement to increase the total consideration payable by Gray from approximately $14.50 per share in cash, or $2.7 billion in total enterprise value (after the spin off of Meredith’s National Media Group to the current Meredith shareholders), to $16.99 per share in cash, or $2.825 billion in total enterprise value; to increase certain fees due to the other party under certain termination events under the Merger Agreement; and to make certain other revisions. On June 2, 2021, Gray and Meredith entered into an amendment to reflect the revised terms.

Meredith has informed Gray that its Board of Directors unanimously approved the revised Gray proposal, citing superior certainty of value, regulatory considerations, path to close and expected timing.

Gray remains committed to moving forward with its pending acquisition of Meredith’s local television stations. Gray continues to believe that the proposed Gray/Meredith transaction is in the best interests of the shareholders of both Gray and Meredith, as well as the companies’ respective employees, business partners, and local communities.

Meredith’s Board continues to recommend that its shareholders approve the proposed transaction with Gray. In addition, Meredith shareholders with voting control of approximately 87% of the issued and outstanding Class B common stock of Meredith have entered into a voting and support agreement that generally requires that those shareholders vote their shares in favor of the adoption of the Merger Agreement and take certain other actions to support the transactions contemplated by the Merger Agreement (including voting against any competing proposal) as long as the Merger Agreement has not been terminated.

Gray continues to expect that the Meredith transaction, even as amended, will be significantly accretive to free cash flow per share. To date, Gray has identified an estimated $55 million in synergies annualized for the first full calendar year following the closing. Including these anticipated $55 million of synergies, the revised purchase price for Gray’s acquisition of Meredith represents a multiple of approximately 8.3 times a blended average of the Meredith television stations’ 2019/2020 operating cash flow.

The transaction is subject to approval by Meredith’s shareholders and customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spin-off of Meredith’s National Media Group immediately prior to the closing of Gray’s acquisition of Meredith. Expected strong free cash flow generation through the closing of all pending transactions and throughout 2021 and 2022 is anticipated to allow Gray to deleverage its capital structure following the closing. Assuming a year-end 2021 closing, Gray anticipates that its total leverage ratio, net of all cash, would approximate 5.4 times on a trailing eight-quarter operating cash flow, including estimated annualized synergies from all announced transactions.

About Gray:

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States. Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets, and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and it is the majority owner of Swirl Films.

Gray Contacts:  

Website: www.gray.tv

Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, 404-266-5512
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-504-9828

Forward-Looking Statements:

This press release contains certain forward looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s ability to complete its pending acquisition of Meredith or other pending transactions, on the terms and within the timeframe currently contemplated, any material regulatory or other unexpected requirements in connection therewith, or whether expected synergies can be achieved on a timely basis or at all, the impact of recently completed transactions, estimates of future retransmission revenue, future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This presentation reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Additional Information and Where To Find It

This communication is not a solicitation of a proxy from any shareholder of Meredith. Gray expects Meredith will file relevant materials with the Securities and Exchange Commission in connection with the proposed transactions, including a proxy. INVESTORS OF MEREDITH ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEREDITH, GRAY AND THE PROPOSED MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Meredith with the SEC at the SEC’s website at www.sec.gov.

Participants in the Merger Solicitation

Gray, Meredith and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of Meredith in connection with the proposed merger and related spin-off. Information about Gray’s directors and executive officers is available in its definitive proxy statement, dated March 25, 2021, for its 2021 annual meeting of shareholders. Information about Meredith’s directors and executive officers is available in Meredith’s definitive proxy statement, dated September 25, 2020, for its 2020 annual meeting of shareholders. Other information regarding the participants and description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and Form 10 registration statement regarding the proposed merger and related spin-off that Meredith will file with the SEC when it becomes available.