Stock Markets
Entravision to sell digital ad business to Aleph Grou
SANTA MONICA, Calif. – Entravision (NYSE:) Communications Corporation (NYSE:EVC), a diversified media and advertising technology company, has reached an agreement to sell its digital advertising representation business to Aleph Group. The deal, which was approved by Entravision’s Board of Directors, is anticipated to be finalized by the end of June.
The digital advertising sector has been undergoing significant consolidation, and this transaction represents another strategic move within the industry. Entravision’s decision to divest its digital advertising representation business comes as the company, which holds a substantial portfolio of Spanish-language broadcast assets in the United States, continues to adapt its business model in a rapidly evolving media landscape.
Aleph Group, the acquiring entity, operates globally in the digital advertising space, facilitating connections between advertisers and audiences. The financial terms of the agreement have not been disclosed.
Entravision’s leadership has not provided specific details on how the proceeds from the sale will be utilized or what impact this divestiture will have on the company’s overall strategy. However, the move is aligned with trends in the sector where companies streamline operations to focus on core areas of growth.
This press release contains forward-looking statements, which are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those projected. Entravision has stated that it does not plan to update any forward-looking statements, which are based on reasonable assumptions but offer no guarantee of future performance.
Entravision is known for its significant presence in the Hispanic media market, with a large group of television affiliates for the Univision and UniMás networks and numerous Spanish-language radio stations in the U.S. The company also operates Smadex, a programmatic ad purchasing platform primarily serving mobile app developers.
The information about the transaction is based on a press release statement from Entravision Communications Corporation.
In other recent news, Entravision Communications Corporation has seen significant executive reshuffling and mixed financial results. The company recently terminated its Chief Financial Officer, Christopher T. Young, and Chief Strategy and Business Development Officer, Juan Saldívar von Wuthenau, replacing Young with Mark Boelke.
In terms of financial performance, Entravision reported a 16% increase in quarterly revenue, reaching $277.4 million, driven by their digital segment and political advertising revenue. However, a net loss of $48.9 million was recorded, primarily due to a $49.4 million impairment charge from the wind down of the Meta (NASDAQ:) program.
Despite these challenges, the company is focusing on opportunities beyond the Meta partnership, leveraging its strong balance sheet and profitable remaining businesses. The digital businesses, including Smadex and Mobile Growth Solutions, drove a 21% increase in digital segment revenue.
InvestingPro Insights
As Entravision Communications Corporation (NYSE:EVC) navigates the sale of its digital advertising representation business, investors and industry observers are closely monitoring the company’s financial health and market position. According to InvestingPro data, Entravision boasts a market capitalization of $188.43 million. While the company has been grappling with profitability challenges, reflected in a negative P/E ratio of -2.8, it shows a strong commitment to returning value to shareholders, evidenced by a high dividend yield of 9.76% as of mid-June 2024.
InvestingPro Tips highlight Entravision’s significant dividend payments to shareholders, which have been maintained for 14 consecutive years, showcasing the company’s dedication to providing consistent shareholder returns. Additionally, Entravision’s valuation implies a strong free cash flow yield, which could be a signal for investors looking for companies with the potential to generate cash. These factors may be particularly relevant as the company reshapes its business strategy post-divestiture.
Despite recent setbacks, with the stock having taken a considerable hit over the last six months, down by 50.23%, Entravision has demonstrated resilience with a robust return over the previous three months, climbing by 52.17%. This recent uptick may indicate a recovering sentiment among investors and a positive response to the company’s strategic decisions.
For those interested in a deeper dive into Entravision’s financials and future prospects, InvestingPro offers additional insights and tips. With a total of 12 InvestingPro Tips available, investors can gain a more comprehensive understanding of the company’s position and potential. To access these valuable insights, visit https://www.investing.com/pro/EVC and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
BioAge Labs (BIOA) Azelaprag Trial Halt Raises Questions About Pre-IPO Disclosures – Hagens Berman
San Francisco, California–(Newsfile Corp. – December 25, 2024) – On December 9, 2024, just months after conducting an initial public offering in September 2024, BioAge Labs, Inc. (NASDAQ: BIOA) made the startling announcement that it was discontinuing a Phase 2 study for its lead product, azelaprag, intended to treat metabolic diseases such as obesity.
Hagens Berman has opened an investigation and urges investors in BioAge who purchased shares in the company’s IPO or on the open market and suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/bioa
Contact the Firm Now: BIOA@hbsslaw.com
844-916-0895
BioAge Labs, Inc. (BIOA) Investigation:
The investigation is focused on the propriety of BioAge’s disclosures about the safety data and other matters related to azelaprag, which the company said in its IPO documents has been “well-tolerated in 265 individuals across eight Phase 1 clinical trials.”
BioAge’s disclosures came into question after the market closed on December 6, 2024, when the company announced the discontinuation of the STRIDES Phase 2 clinical trial evaluating azelaprag in combination with tirzepatide for the treatment of obesity. BioAge said that liver transaminitis was observed in patients receiving azelaprag.
This news drove the price of BioAge shares down almost 80% on December 9, 2024.
“We’re focused on whether BioAge was transparent to investors about the azelaprag safety profile before the December 6 announcement,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in BioAge and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the BioAge investigation, read more »
Whistleblowers: Persons with non-public information regarding BioAge should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email BIOA@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235182
Stock Markets
Celsius Holdings (CELH) Hit with Investor Class Action Amid Accusations of Oversold Inventory to Pepsi- Hagens Berman
CELH Investors with Losses Encouraged to Contact the Firm
San Francisco, California–(Newsfile Corp. – December 25, 2024) – Celsius Holdings (NASDAQ:), Inc. (NASDAQ: CELH) and certain of its C-Suite officers are embroiled in a securities class action lawsuit, claiming they misrepresented and concealed crucial information about the company’s financial performance, especially concerning its key customer, PepsiCo (NASDAQ:).
Hagens Berman is investigating the allegations and urges investors in Celsius who purchased shares and suffered substantial losses to submit your losses now.
Class Period: Feb. 29, 2024 – Sept. 4, 2024
Lead Plaintiff Deadline: Jan. 21, 2025
Visit: www.hbsslaw.com/investor-fraud/celh
Contact the Firm Now: CELH@hbsslaw.com
844-916-0895
Celsius Holdings, Inc. (CELH) Securities Class Action (WA:):
The lawsuit alleges that during the Class Period, Celsius failed to disclose to investors several critical points:
- Oversold Inventory: Celsius significantly oversold inventory to Pepsi beyond demand, leading to a potential drastic reduction in future purchases.
- Declining Sales: As Pepsi depleted its overstock, Celsius’ sales were projected to decline, impacting its financial health and outlook.
- Unsustainable Sales Rates: The sales rates to Pepsi were unsustainable and created a misleading impression of the company’s performance.
- Misleading Metrics: Consequently, Celsius’ business metrics and financial prospects were overstated
The situation came to light on May 28, 2024, when Celsius’ stock price plummeted nearly 13% following reports from Nielsen indicating slowed sales growth. Analysts highlighted the possibility of significantly reduced sales as Pepsi cut back its inventory.
The stock took another hit on September 4, 2024, dropping over 11% after a company presentation revealed a shortfall of $100 million to $120 million in Pepsi orders compared to the previous year. It was also disclosed that Pepsi had held several million excess cases over the last 18 months.
These revelations have led shareholder rights firm Hagens Berman to investigate the allegations.
“We’re investigating whether Celsius deliberately painted an overly optimistic picture of its relationship with Pepsi, misleading investors about the true state of its financial health and sales sustainability,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Celsius and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Celsius case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Celsius Holdings should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CELH@hbsslaw.com.
# # #
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235180
By Ank Kuipers
PARAMARIBO (Reuters) -Suriname’s fugitive former President Desi Bouterse has died aged 79, the country’s government said on Wednesday, almost a year after he fled authorities to avoid jail following his conviction over the murder of 15 political activists in 1982.
“The government has been informed through the family and its own investigations of the passing of Mr. D. Bouterse, ex-President of the Republic of Suriname,” Foreign Minister Albert Ramdin told Reuters.
The former leader died on Tuesday, the government said, without confirming where, or even in which country. Last week Surinamese authorities raided his home – where supporters gathered to pay their respects on Wednesday morning – but did not find him.
Surinamese President Chan Santokhi, who investigated the case as a police commissioner and later as justice minister, expressed condolences to Bouterse’s family and urged calm in a statement.
“In the spirit of the holiday season and year-end, the president calls on all to remain dignified and calm, maintain peace and order and engage in prayer in the spirit of these special days,” the statement said.
Bouterse dominated politics in the tiny South American country for decades, leading a coup in 1980 and finally leaving office in 2020.
In 2019 he and six others were convicted for their role in the 1982 murders of 15 leading government critics – including lawyers, journalists, union leaders, soldiers and university professors – for which Bouterse received a 20-year prison sentence.
Bouterse had claimed the murdered men were connected to a planned invasion of the former Dutch colony.
Following years of legal back and forth, Bouterse was ordered to report to prison in January but he did not show up on the appointed date.
Though Bouterse avoided prison by going on the run, Reed Brody, a U.S. war crimes prosecutor who monitored the case for the International Commission of Jurists, said justice had caught up with the convicted former president before he died.
“Thanks to the victims’ relatives and their supporters who never gave up, Bouterse will go down in history as a convicted murderer,” Brody said.
The former president’s family will make a statement later on Wednesday, members of his political party told journalists.
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