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Planters Might be Acquired by Hormel for $3.35 Billion

They are not peanuts.

On Thursday, Kraft Heinz announced that he had agreed to sell his nut business, including the iconic Planters brand, to Hormel Foods for $ 3.35 billion in cash.

At Hormel, Planters is being added to a growing collection of grocery brands, including the peanut butter brand Skippy, which Hormel acquired in 2013, and Justin’s Nutbutter, which it acquired in 2016.

The pandemic was a boon for Kraft Heinz, whose factories worked three shifts three shifts last year to meet the high demand for products like Kraft Macaroni & Cheese. Kraft Heinz reported Thursday that fourth quarter net sales rose 6.2 percent to $ 6.9 billion.

Kraft Heinz said full year net sales rose 4.8 percent to $ 26.18 billion. The company expects flat to positive sales growth for 2021.

Kraft Heinz, the result of a 2015 merger that created one of the largest food companies in the world, battled before the pandemic. Inventory had plummeted and lagged other food companies as sales and profits plummeted, also as consumers began to prefer less processed, healthier foods in recent years.

During the pandemic, consumers who now cooked and consumed more meals at home looked for convenience foods and became passionate about many of the old school brands at Kraft Heinz and other food companies.

Pepsico, a rival of Kraft Heinz, also reported a jump in earnings in the fourth quarter on Thursday. The snack giant’s sales rose 8.8 percent from the same period last year to $ 22.46 billion, fueled by consumers who chewed on Cheetos and Doritos during the pandemic.

For Kraft Heinz, the food boom was a good opportunity to lose business. Last September, the company sold its natural cheese business to French Groupe Lactalis for $ 3.2 billion.

The nut business, which generated net sales of around $ 1.1 billion for Kraft Heinz last year, had been neglected within the company and lost market share to competitors, including private label.

As an insult to injury, the company was killed for a Super Bowl ad last year and buried for its monocle mascot, Mr. Peanut, which was founded in 1916 when a student, Antonio Gentile, submitted a sketch to compete for win the brand. At a funeral attended by other brand avatars like the Kool-Aid Man, a small peanut popped out of the ground and squeaked like a dolphin before announcing, “Just kidding. I’m back.”

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PepsiCo (PEP) This fall 2020 earnings beat projections

Pepsi soft drinks are on display in a supermarket in San Francisco, California.

Justin Sullivan | Getty Images

PepsiCo on Thursday reported a fourth quarter profit beating estimates, driven by pandemic snacks and higher sales of beverages like Gatorade Zero and Bubly sparkling water.

After a strong quarter, the beverage and snack maker expects the results for 2021 to meet its long-term financial targets.

The company’s shares rose nearly 1% in premarket trading. Pepsi stock is down 6% over the past year, bringing it to a market value of $ 189 billion.

The company reported, versus Wall Street’s expectations based on an analyst survey by Refinitiv:

  • Earnings per share: $ 1.47 adjusted versus expected $ 1.46
  • Revenue: $ 22.46 billion versus $ 21.78 billion

The company reported net income of $ 1.85 billion, or $ 1.33 per share, for the fourth quarter, compared to $ 1.77 billion or $ 1.26 per share last year.

Excluding items, Pepsi earned $ 1.47 per share, beating analysts surveyed by Refinitiv at $ 1.46 per share.

Net sales increased 8.8% to $ 22.46 billion, beating expectations of $ 21.78 billion. The company’s organic sales, which exclude the effects of foreign currency, acquisitions and divestitures, increased 5.7%.

At Frito-Lay North America, organic sales increased 5% for the quarter. Tostitos and Cheetos were among the brands that consumers reached for when shopping for snacks at home. However, the segment’s operating income declined due to higher restructuring costs and higher operating costs.

Quaker Foods’ organic sales increased 8%. With many consumers still working from home, they bought maple syrup and pancakes for breakfast. On Tuesday, Pepsi renamed its Aunt Jemima brand to Pearl Milling Company after announcing in June that the character was based on a racial stereotype.

In the North American beverages unit, organic sales increased by 5.5%. Pepsi typically generates less sales outside of its home country than rival Coca-Cola, so organic sales for the segment developed positively in the third quarter. Gatorade Zero, Bubly and its Starbucks branded coffee beverages all contributed to the increase in sales.

For 2021, Pepsi expects organic sales to grow in the mid-single-digit range and core earnings per share to grow in the high-single-digit range, assuming constant exchange rates. The company is also increasing its dividend by 5% starting in June.

“For 2021, we plan that our organic sales and constant currency-neutral EPS growth are in line with our long-term goals,” said CEO Ramon Laguarta in a statement.

Read the full report here.

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Jeep pulls Springsteen Tremendous Bowl advert after information of his drunken-driving cost.

After years courting Bruce Springsteen to appear in his first commercial, Jeep picked up the ad on Wednesday after it was revealed the rock legend was charged with drunk driving in November.

The two-minute spot with Mr. Springsteen in the rural middle of the country calling for a white jeep unit was filmed last month and aired during the Super Bowl on Sunday. The biggest televised event of the year on-air time cost most advertisers $ 5.5 million over 30 seconds.

The charges against Mr. Springsteen, which included reckless driving and driving in New Jersey on November 14, went public on Wednesday. His first virtual court appearance is expected to take place at the end of February.

Jeep removed the Super Bowl ad, which was created by a creative team chosen by Mr. Springsteen, from its Twitter feed and YouTube page. The Sunday night commercial was the second most viewed game day spot on YouTube, after the Amazon ad and ahead of the Cadillac and Uber Eats commercials.

“It would be inappropriate for us to comment on the details of a matter that we have only read about and that we cannot justify,” Jeep said in a statement. “But it’s also right that we pause our big game commercial until the real facts are known.”

“The message of community and unity is still relevant,” the company said. “What’s the message that drinking and driving can never be tolerated.”

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Bumble IPO a win for feminine founders, enterprise capital funds nonetheless low

Whitney Wolfe Herd speaks on stage during the Fortune Most Powerful Women Next Gen conference at Monarch Beach Resort on November 13, 2017 in Dana Point, California.

Joe Scarnici | Getty Images Entertainment

When 31-year-old Bumble CEO Whitney Wolfe Herd goes public this week, she will be known not only for her youth, but also as one of the few founders to have her company go public.

It’s a fitting achievement for the founder of a dating app that aims to put women in the driver’s seat. But it also hammers home the still unsuitable playing field for entrepreneurs.

Bumble, whose board of directors is 73% women, is slated to begin trading on the Nasdaq a few days before Valentine’s Day on Thursday. The company will sell its shares at $ 43 per share and raise $ 2.2 billion from investors. The offering initially valued the company at more than $ 7 billion.

The market reaction will serve as the litmus test of investing in women-owned businesses.

Today, women make up 7.4% of Fortune 500 CEOs – an all-time high, but still an astonishingly low number. Even fewer women founders of public limited companies. Nasdaq estimates that only 20 of the US public companies active today were led by their founder through the IPO.

Women’s funding falls as global deals rise

The problem is not a lack of women entrepreneurs, but a lack of support where it matters: funding.

In a 2018 study, the Boston Consulting Group found “a significant gender gap in new business financing.” According to the study, investments in businesses founded or co-founded by women averaged $ 935,000, less than half the average $ 2.1 million men receive.

Even so, startups founded by women and co-founded made 78 cents for every dollar invested, while startups founded by men made only 31 cents.

Covid-19 could be the greatest threat to female founders.

Matt Krentz

Managing Director and Senior Partner of the Boston Consulting Group

The pandemic has only widened this gap.

In 2020, global risk finance increased 13% year over year, while investments in women decreased 27%. In the meantime, the proportion of women founders who were only assigned to female founders has fallen from 2.8% to 2.3%, according to Crunchbase data. This is due to the fact that women, often primary caregivers, are said to be more affected by the pandemic overall.

“The convergence of crises – demands for racial justice, #MeToo, Black Lives Matter, Covid-19 and an economic downturn – makes this a crucial moment for business integration, justice and diversity,” said Matt Krentz, Managing Director and Senior Partner at BCG and The study co-authored, said CNBC. “Of all these problems, Covid-19 could be the greatest threat to female founders.”

Redirect investments where they are needed

The economic benefits of investing in women are well documented. By some estimates, equal business participation by men and women could add $ 5 trillion to the global economy.

And companies and institutions seem to be listening now. Many have made bold commitments to better support gender equality and female founders.

What female founders need is simple and equal access to financial investments.

Tanya Rolfe

managing partner, Her Capital

“Awareness of the funding gap and the impact of different leadership teams is better understood, and investors have begun to ask directly about the diversity of founders and leadership teams,” said Krentz.

Too often, however, these investments are poorly channeled, according to Tanya Rolfe, managing partner at Her Capital, a women-run venture capital company that focuses on female founders in Southeast Asia.

“Women seem to be at the center of a lot of additional mentoring, which only suggests that women are missing something,” said Rolfe. “What female founders need is simple and equal access to financial investments.”

Tanya Rolfe, managing partner of Singapore-based venture capital firm Her Capital.

Your capital

To achieve this, more diversity is needed at the fund manager level, Rolfe said.

According to All Raise, a nonprofit focused on accelerating the success of female founders and funders, women made up just 13% of all venture capitalists in 2020. An estimated 11% of fund managers were women, All Raise said.

“If we want to see diversity at the founder level, we need to invest in diversity at the capital allocator level – fund managers like me,” continued Rolfe. “It is almost more important to invest in venture capital funds with specific strategies for investing in different founders. This is where we will see the major changes.”

Revision of traditional investment figures

Nevertheless, various funds continue to face an uphill battle.

Since many are still in their infancy and have little success, they are usually outside the investment criteria of the institutes. As a result, managers often seek less lucrative and more time-consuming deals from private investors.

Pippa Lamb, a partner in early-stage mutual fund Sweet Capital, says such an approach needs to be revised.

The pricing of perceived risk based on a person’s race or gender is very out of date to me.

Pippa Lamb

Partner, Sweet Capital

“The pricing of perceived risk based on a person’s race or gender is very out of date to me,” said Lamb. “I would guess top-tier institutional investors are ready to do the job for full diligence managers no matter what they look like.”

“We need more diverse representation in all areas of the start-up ecosystem,” she said, citing female founders, female board members, female venture capitalists and female institutional investors. “When it comes to raising capital, the latter two are most critical, especially at the limited partner (LP) level: the investor’s investors.”

BCG’s Krentz hopes the tide will turn.

“Investors should understand that current market forces offer promising opportunities for women-owned companies,” he said. “The lack of funding means that there is less competition for women-supported companies and, on average, these companies perform better than companies with all male founders.”

But until this understanding grows, Rolfe and Lamb’s advice to female founders is simple: keep going.

“Women can do the same thing that male founders do to attract investors,” said Rolfe. “If you’re a great founder with a solid business plan and traction to prove your execution and thesis, that should be enough.”

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Business

Why Is Fb Rejecting These Trend Advertisements?

Here’s how it works: a company creates an ad or creates a shop and sends it to Facebook for approval, an automated process. (If it’s a storefront, the products can also arrive through a feed, and everyone has to follow Facebook rules.) If the system indicates a potential violation, the ad or product will be returned to the company as non-compliant. However, the exact word or part of the picture that caused the problem is not identified. This means that it is up to the company to effectively guess what the problem is.

The company can then either challenge the ad / listing as it is, or change the image or wording it hopes will meet Facebook rules. In either case, the communication is sent back through the automated system where it can be verified by another automated system or an actual person.

According to Facebook, it has added thousands of reviewers in the past few years, but three million companies advertise on Facebook, most of which are small businesses. The Facebook spokeswoman did not identify what would result in an appeal being made to a human reviewer or whether there is a codified process by which this would happen. Often times, the small business owners feel trapped in an endless machine-controlled loop.

“The problem we keep running into is communication channels,” said Sinéad Burke, an inclusivity activist who consults with numerous brands and platforms, including Juniper. “Access has to mean more than just digital access. And we need to understand who is in the room when these systems are created. “

The Facebook spokeswoman said there were employees with disabilities across the company, including senior management, and that there was an accessibility team that worked across Facebook to embed accessibility into the product development process. While there is no question that the ad and store policy rules Facebook created were in part intended to protect their communities from false medical claims and counterfeit products, these rules, albeit inadvertently, block some of those communities from accessing Products made for you.

“This is one of the most typical problems we see,” said Tobias Matzner, Professor of Media, Algorithms and Society at the University of Paderborn in Germany. “Algorithms solve the problem of efficiency on a large scale” – by recognizing patterns and making assumptions – “but when they do, they do all sorts of other things, like hurting small businesses.”

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The place can distant staff work throughout the pandemic? Up to now, not Asia

It is often said that remote workers can work from anywhere with an internet connection.

But tell this to someone who just wants to live and work in Bangkok or Bali.

The coronavirus pandemic has pushed millions of workers from their offices to their homes – and many have decided to change countries, at least temporarily. To keep up with this trend, countries in Europe, the Caribbean and the Caucasus are trying to lure these workers with new visa programs for “digital nomads”.

To date, however, no Asian country has officially opened the door to this new remote workforce, leaving them wondering whether to consider themselves their preferred Asian destination or apply to live in another location that is now open to them .

Remote workers want to travel

According to a global Booking.com survey of 20,000 travelers working from home during the pandemic, more than a third have considered working from another destination, Nuno Guerreiro, the site’s regional director, told CNBC’s Global Traveler.

A woman works near the beach on Koh Phangan island, Thailand.

lechatnoir | E + | Getty Images

“Research shows that there is an appetite to work from another destination. Respondents are in Asian countries such as Thailand (60%), Vietnam (52%), Singapore (50%) and China (45%) ). and Hong Kong (39%) outperformed the global average (37%) when it came to expressing interest in such agreements, “he wrote via email.

Respondents from Mexico, Brazil, Colombia, Argentina, Russia and the USA were also very interested.

Wanted: free time and a lower cost of living

Asia featured four of the top ten travel destinations for expatriates to live and work in in 2019. This is the result of the “Expat Insider 2019 Survey” by the expat network website InterNations.

1. Taiwan – Best in the world for affordability of healthcare
2. Vietnam – the best in the world for personal finance
3. Portugal
4. Mexico
5. Spain
6th Singapore – The best in the world for personal safety
7. Bahrain
8. Ecuador
9. Malaysia – Well rated for affordable living and housing costs
10. Czech Republic

Adrien Pierson is co-founder and COO of MillionSpaces, a workspace booking website operating in Singapore and Sri Lanka. He believes other destinations in Asia will be attractive to remote workers for the following reasons:

Photo credit: CNBC.com Source: Adrien Pierson, MillionSpaces

The MillionSpaces service, launched in 2020, enables employees to book workspaces or hold meetings in hotels, bars, restaurants and traditional workspaces for a period of just one hour. Pierson said he believes remote working will stay here because it allows working people – not just retirees – to live at the destination of their choice.

“You are almost … retiring 20 years earlier,” he said.

Places like Phuket, Thailand and Bali, Indonesia are vacation destinations with enough infrastructure to get work done, Adrien Pierson said.

Jasmina007 | E + | Getty Images

American Marta Grutka said she was interested in moving to Bali or Bangkok.

“I’ve lived in Bali in the past and worked from my laptop,” she said. “If border restrictions weren’t an obstacle, I could imagine having Bali as my base from which to work.”

She said “the quality of life for the price” is her main motivation, although she warned that living and working in Bali on a budget is not the same experience as vacationing there.

“Prices are rising dramatically due to the rush of expats going there over the years,” she said. “Several business owners I know recently moved to Bangkok from Bali to pursue a cheaper and more cosmopolitan lifestyle.”

Living and working in Bali is not the same as going on vacation, warned longtime digital nomad Marta Grutka.

Agrobacter | E + | Getty Images

Shuhui Fu from Singapore has been working from home since March 2020. She said if her company moves to permanent remote work that she is “pretty sure will,” she will investigate moving to Japan.

“I’m just fascinated by its culture and vibrancy, and yet there is a resemblance to it [Singapore] in terms of order and security, “she said.

In addition to travel opportunities, Fu is also motivated to exercise for the weather – but not for the warm beaches that draw many travelers to Asia. She would “go somewhere where I can experience the seasons that you cannot do in Singapore.”

A future for remote workers traveling in Asia?

So far, no country in Asia has announced a program specifically designed to attract the influx of remote workers caused by the pandemic.

And whether an Asian nation offers them a formal way to live and work within its borders is unclear. The Asian governments were very excited about this issue and the authorities in Singapore, Bali and Thailand did not respond to CNBC’s questions on the matter.

With the special tourist visa for Thailand, tourists can stay for up to nine months.

Alexander Spatari | Moment | Getty Images

There are still informal ways for remote workers to temporarily live in parts of Asia, although the pandemic has made them difficult to cope with.

“Digital nomads go from place to place and often conduct visa runs,” said Grutka, referring to the practice of crossing national borders to renew tourist visas. “With Covid it is now more expensive and it is more time consuming to take these steps.”

Bali is officially closed to international tourists, although some are finding ways to enter during the pandemic, Singapore digital newspaper Today reports.

The new Thailand tourist visa allows visitors to stay up to 90 days and can be extended twice, provided tourists are quarantined at approved facilities for at least 14 days upon arrival, long-term accommodation plans are proven, and health insurance is at least $ 100,000 Cover.

On the question of whether Asia will ever be officially open to remote workers, Booking.com’s Guerreiro said, “It’s only natural that supply should follow demand.”

The development of vaccines, improved contact tracing and the possibility of remote working becoming a reality in the long run led Guerreiro to predict that it “holds great promise for those who can travel and work virtually anywhere”.

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How Merck’s Vaccine Misplaced the Covid Race

Founded in 1891, Merck has been in the vaccines business for more than 100 years and has developed some of the world’s most famous vaccines, including mumps, hepatitis A and chickenpox. In 2019, it became the first company to receive approval for an Ebola vaccine from the Food and Drug Administration.

However, as the coronavirus spread around the world, Merck was slow to announce plans for a vaccine. By the time details of two vaccine candidates became known in late May, most of the main competitors had already announced contracts, and Pfizer and Moderna had begun early clinical trials.

But Merck didn’t have to be the first to win. Executives decided to pursue two projects that they believed had advantages over competitors. A vaccine developed in partnership with the International AIDS Vaccine Initiative uses the same technology that is based on a harmless animal virus that led to their successful Ebola vaccine. The other, acquired through the purchase of Themis Bioscience, was based on an existing measles vaccine.

Both experimental Covid vaccines, the company said, would be tested with a single dose, and Merck was also looking to see if whoever used the cattle virus could be given orally – two big advantages over potential competitors, especially in developing countries.

In July, Kenneth C. Frazier, CEO of Merck, warned against acting too quickly. “I think if people tell the public that there will be a vaccine by the end of 2020, for example, they are doing the public a serious disadvantage,” Frazier said in an interview with a professor at Harvard Business School. Mr Frazier recently announced that he will be retiring as managing director later this year, a decision that has long been planned.

In an interview in August, Dr. Nicholas Kartsonis, Merck’s senior vice president of clinical research for vaccines and infectious diseases, said the company’s position as the leading vaccine manufacturer has given him the luxury of time. “We are a much bigger company. We’re not so obliged to be the first, ”he said.

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Coping methods may also help folks hitting the ‘pandemic wall,’ ex-AMA president says

Coping techniques can help people struggling with the psychological effects of the Covid crisis, said psychiatrist Dr. Patrice Harris told CNBC.

“I want everyone first of all to give each other grace and space to feel how they feel. Know that we are not helpless,” Harris said on CNBC’s The News with Shepard Smith on Wednesday.

A recent report found that nearly half of US workers surveyed have had mental health problems since the coronavirus pandemic began.

“We’re all hitting this wall, but it’s time to build on our reserves,” said Harris, past president of the American Medical Association.

Harris said, exercising, getting enough food and sleep, and establishing new routines can all help keep people off the “pandemic wall”.

Harris stressed the need to lower personal expectations in the face of the pandemic.

“We should put less pressure on ourselves,” said Harris. “Know that we can’t do everything.”

Maintaining connections with friends and loved ones is vital even in times of social distancing, she said. For those suffering from “zoom fatigue,” Harris suggested phone calls.

When coping mechanisms aren’t enough, Harris stressed the importance of asking for help.

“We have to make sure we get professional help,” said Harris. “And there’s no shame in it.”

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Larry Flynt, Who Constructed a Porn Empire With Hustler, Dies at 78

Larry Flynt, a ninth-grade dropout who built a $ 400 million empire around his sexually explicit magazine, Hustler, of raunchy publications, strip clubs, and “adult” stores, and for decades a self-promoted advocate of US freedom against obscenity and defamation battled press, died Wednesday at his Los Angeles home. He was 78 years old.

The cause was heart failure, said his brother Jimmy Flynt.

For a nation that found itself in a sexual revolution in the 1970s, Mr Flynt found himself – defiant, outrageous, relentless – in the conflict area of ​​a cultural and legal war in America: an unpopular hero for civil libertarians, the devil incarnated into one Unlikely alliance of feminists and moral preachers, a puzzle for judges and juries, and a provider of guilty secrets to legions of men sneaking brown paper parcels out of porn shops or mailboxes.

Hustler’s June 1978 cover hit the riddles of a magazine that was all at once violent, satirical, perverse, decadent, cheerfully immoral, and hypocritical. It showed a woman on her head and half in a meat grinder with a plate of hamburger underneath. A “seal of approval” noted: “Prime. Last edition of All Meat. Note ‘A’ pink. “In a caption, Mr. Flynt was quoted as saying,” We will no longer hang women up like pieces of meat. “

But of course, Hustler wasn’t serious. Starting with the first issue in July 1974 and for four decades without a break, it featured glossy, color photos of female genitals, nude women in degrading poses, and often depicted group sex and sex toy fetishes.

Hustler articles featured “Larry Flynt on White House Sex,” “Coverbabe: New Slut In Town,” and “Dirty Bedfellows: Explicit Photos and Dirty Stories from a Real Intern in Washington”. But it wasn’t all sex; There were also articles such as “The Politics of Torture”, “Grenada Invasion: The Real Story Behind Reagan’s” Facts “”, and “Shocking New Facts in JFK Assassination Coverup”.

Mr. Flynt’s major legal win was a long battle against Rev. Jerry Falwell, the television evangelist and founder of the Moral Majority, who sued for $ 45 million in 1983 for libel and emotional distress after Hustler released a parody he remembered about a sexual encounter with his mother in an outbuilding.

A jury denied the libel accusation, saying the parody was obviously not factual, but granted Mr. Falwell $ 200,000 for emotional stress. In 1988 the Supreme Court unanimously threw back the damage and called the parody a constitutionally protected political satire.

Mr. Flynt hailed the decision as the major victory of the first amendment since the obscenity ban on James Joyce’s “Ulysses” was lifted in the 1930s.

For all of Mr. Flynt’s fame, his image as a defender of free speech was bolstered by the 1996 Milos Forman film The People vs. Larry Flynt, in which he was portrayed as some sort of American folk hero, a filthy peddler into the stars and stripes . Woody Harrelson was nominated for an Oscar for his performance as Mr. Flynt. The film received high acclaim from many critics and most, if not all, middle-class libertarians.

But the feminist Gloria Steinem wrote a scathing denunciation on the Op-Ed page of the New York Times. “A pornographer is not a hero,” she said. “At worst, Hustler is portrayed as sticky and maybe even honest because he shows full nudity. What is left out are the images in the magazine of women being beaten, tortured and raped, women being demoted from bestiality to sexual slavery. “

The images shown in Hustler were undoubtedly graphic and often violent: women were depicted crawling at the end of a dog leash, nailed to a cross, wrapped like a deer, and tied to a luggage rack. One envelope showed a woman’s head in a gift box.

Hustler claimed a monthly circulation of three million copies in the mid-1970s, although Forbes peaked at two million in 1976. With explicit sex on cable TV, on DVD and on the Internet, its circulation fell sharply in the 1980s and 1990s. In 1997, the Times reported that Hustler’s circulation was less than a million, but half of the kiosk copies were returned unsold. In 2015, Mr. Flynt cited a circulation of 500,000.

The magazine’s revenues financed numerous Flynt companies for years: dozens of magazines, some mainstream but mostly pornographic, including Tabu, Barely Legal and Asian Fever, the number and type of which varied over time; Hustler strip clubs in a dozen cities; and perhaps an equal number of hustler chain stores selling pornographic videos as well as clothing, magazines, and sex toys.

Mr. Flynt also owned a casino in Gardena, California; operated websites that sell pornography; and licensed the Hustler name to magazines and other sex-oriented companies in Canada, the United Kingdom, South Africa and Australia. Its main profit centers included Hollywood studios, which produced pornographic films, videos and cartoons, many of them with violent and misogynistic themes.

A 1983 Justice Department funded study by Conservative writer and scholar Judith Reisman found that thousands of cartoons in Hustler, as well as its competitors Playboy and Penthouse, depicted rape, botched abortions, and children in sexual poses. “Chester the Molester,” a long-running hustler cartoon about a pedophile, has received many critics, but Mr. Flynt defended it as a dogged social satire.

The value of the Flynt Empire was murky. It was privately owned and had no financial disclosure requirements. Mr Flynt put in estimates of up to $ 700 million, but financial experts said his wealth had changed dramatically over time due to economic conditions, and the 2015 consensus put his net worth at around $ 400 million.

Mr. Flynt, who once entered federal court wearing an American flag diaper, regularly stepped into the limelight with a drum beat – he mocked conservative religious leaders, recorded the sexual peccadillos of politicians, aroused anger and amusement with parodies of patriotism. and attack the dignity of cultural icons.

In 1975, a year after publication began, Hustler drew attention to himself with the publication of nudes of Jacqueline Kennedy Onassis, captured by a paparazzo sunbathing on an Aegean beach. Mr. Flynt bought the paintings for $ 18,000 and quickly sold a million copies of the edition in which they were pictured.

Mr. Flynt was first prosecuted in 1976 on profanity and organized crime charges for selling obscene material in Cincinnati. Charles Keating, later convicted of a notorious savings and credit scandal, founded Citizens for Decent Literature and outraged the public over the case. Mr. Flynt lost on both counts and was sentenced to seven to 25 years. But he only served six days, and the conviction was overturned due to prosecutorial misconduct and judicial bias. The case highlighted Cincinnati as a bastion of conservatism and Mr. Flynt as a dubious free speech advocate.

After being approached by Evangelist Ruth Carter Stapleton, sister of President Jimmy Carter, in 1977, Mr. Flynt announced that he had become a born again Christian and said he had a vision of God when he was in with Ms. Stapleton his jet was in the air. He banned Hustler’s smoking, gave the staff a raise, started a carrot juice diet, and vowed to “rush for God”. But he soon resumed his ventures and vices and called himself an atheist.

In 1978, during a trial in Lawrenceville, Georgia, he was shot dead by an escaped sniper near the courthouse for profanity. Mr. Flynt’s legs were permanently paralyzed and he spent the rest of his life in a gold-plated wheelchair. The assailant Joseph Paul Franklin, a white supremacist who protested Hustler’s portrayal of interracial couples, was captured in 1980. He was never charged with the shooting of Mr. Flynt, but confessed to a number of murders and was executed in Missouri in 2013.

Many profanity cases were brought against Mr. Flynt in later years. He lost some due to jurisdiction or privacy. Most, however, failed the 1973 Supreme Court’s restrictive test, which defined profanity as prurient, overtly objectionable material that had no scientific, literary, artistic, political, or social merit and, as a whole, violated subjective “community standards” – which meant that it could be set in Times Square, but not in Cincinnati around 1976.

Mr. Flynt’s interpretation was easier. “If the first amendment protects a bastard like me,” he said, “then it protects you all. Because I am the worst. “

Larry Claxton Flynt Jr. was born in Lakeville, Kentucky, on November 1, 1942, the eldest of three children to Larry Claxton Flynt, a sharecropper, and Edith (Arnett) Flynt. After his sister Judy died of leukemia in 1951, the family was shattered. His parents divorced. Larry lived with his mother; his brother Jimmy lived with a grandmother.

Larry dropped out of school in Salyersville, Kentucky, when he was 15 and joined the Army with a false birth certificate. After his release, he counterfeited alcohol and joined the Navy in 1960 and became a radar operator.

Released in 1964, he bought a bar in Dayton, Ohio from his mother for $ 1,800 and used the profits to buy two more bars. Then he opened his first hustler club with naked hostess dancers.

In the late 1960s, he opened Hustler strip clubs in Akron, Cleveland, Columbus, Toledo, and Cincinnati. To promote his business, he created a newsletter with naked women. In 1974 it became Hustler magazine.

Playboy, Penthouse and other competitors crowded the kiosks, and Hustler struggled in his first year, also because dealers and wholesalers were reluctant to deal with it. But the pictures of Mrs. Onassis made Hustler notorious overnight and Mr. Flynt a millionaire.

He was married five times. His first three marriages all ended in divorce. In 1976 he married Althea Leasure, who had helped found his company. She contracted AIDS and drowned in a bathtub in 1987. In 1998 he married Elizabeth Berrios. He had five children. One, Lisa Flynt, died in a car accident in 2014.

In addition to his wife and brother, his other children – TJ Flynt, Theresa Flynt, Tonya Flynt-Vega, and Larry Flynt Jr. – and many grandchildren survive him.

Mr. Flynt published a memoir in 1996 entitled “An Inappropriate Man: My Life as a Pornographer, Expert, and Social Outcast” (written with Kenneth Ross). It was the subject of a documentary directed by Joan Brooker-Marks, “Larry Flynt: The Right to Be Left Alone”, he wrote in 2007 with David Eisenbach “One Nation Under Sex” (2011) about former presidents. After Mr. Falwell’s death in 2007, Mr. Flynt said that despite their differences, they became friends. “I’ve always valued his sincerity,” he told the Los Angeles Times, “even though I knew what he was selling and he knew what I was selling.”

Alex Traub and Isabella Paoletto contributed to the coverage.

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Business

Walmart’s use of TikTok will doubtless proceed, even when Oracle deal unravels

Walmart’s hopes of owning a stake in TikTok may be dashed, but don’t expect interest in the viral video app to wane.

According to a report in the Wall Street Journal on Wednesday, the company’s plan to buy the US social media app operations from Oracle has been put on hold indefinitely as the Biden administration investigates security concerns with Chinese tech companies. Nameless people who were familiar with the matter were quoted.

Walmart spokesman Randy Hargrove declined to comment on Wednesday’s report, referring questions to the Biden administration about a possible TikTok sale. Oracle did not respond to CNBC’s request for comment.

Speaking at a press conference at the White House on Wednesday, press secretary Jen Psaki said the government had not taken any new measures regarding the TikTok deal. She said that apps like TikTok continue to assess potential risks to US data.

Walmart is one of many retailers who have viewed the popular app as a way to follow trends, create shippable content, and build their brand among teenagers and 20 year olds. Walmart shoppers consulted TikTok when deciding which toys to order for the holiday season. In December there was a one-hour livestream event in the app. Those efforts will likely continue – even if Walmart doesn’t have a front row seat.

“We were really excited about what we saw, customer engagement and experience,” said Janey Whiteside, Walmart’s chief customer officer, in a recent interview about the livestream TikTok event. “Expect more of these things from us in the days, weeks, months ahead.”

She said events like this “really create more interesting places to work with brands.” This is gaining traction as the retailer plans to grow its advertising business more than 10x over the next five years and to compete better with Amazon in this industry.

Jefferies analyst Steph Wissink said a stake in TikTok would give Walmart an edge over competitors who also use the social media app. She likened it to being an auto mechanic versus an enthusiast. As a partial owner of TikTok, Walmart was able to open the hood and better understand the powerful social media app. It could collect more data on how advertising campaigns or videos can get more powerful. It could even tinker with how the app works to improve it or take other retailers out, she said.

“Right now, Walmart is an enthusiast as an outsider,” she said. “They use TikTok, they use social media, they use new advertising platforms in ways that appreciate a new way of connecting with consumers – but having the ability would give them an in-depth knowledge of how it works, the architecture and the mechanics of the motor. “

Still, she said, the app will remain an important media platform for Walmart by “creating brand awareness and relevance in a generation that will eventually age into their purchasing power years.” With the use of the app, she said, Walmart is thinking a decade ahead.

Walmart’s quest for TikTok began last year after President Donald Trump urged TikTok’s Beijing-based parent company, ByteDance, to find an American buyer or face a national ban. He said the popular video app raised security concerns because it could leak US users’ data to the Chinese government – a claim TikTok denied.

The retailer partnered with Microsoft, and later Oracle, last summer to acquire part of the social media company’s US operations. As part of the Oracle deal, Walmart would acquire a 7.5% stake in TikTok’s US operations, and its CEO, Doug McMillon, would get a seat on the board of the newly formed company.

In an interview on CNBC’s “Squawk Box” in October, McMillon said Walmart viewed TikTok as a “discovery opportunity” that could inspire shoppers to shop.

“If you’re watching a TikTok video and someone has a piece of clothing or an item on it that you really like, what if you could just and quickly purchase that item?” he said. “This is what we see in countries all over the world. And it fascinates us and we want to be part of it.”

Livestream events are already increasing sales for brands in China and other parts of Asia. They’re a core part of Alibaba’s Singles Day, a huge shopping festival that’s popular outside of the United States. According to a survey conducted by AlixPartners in the fall, two-thirds of Chinese consumers said they had bought products via live streaming in the past 12 months.

And it has become a sales tool that more US brands want to dominate too. Last month, for example, a heart-shaped bag by Kate Spade went viral on TikTok – another reminder of the app’s power.

“We were able to use that,” said Joanne Crevoiserat, CEO of Kate Spade’s parent company Tapestry, in an interview on CNBC’s “Closing Bell”. “The bag is sold out.”

– CNBC’s Lauren Feiner contributed to this report.