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Vibe Magazine Closes

Tue, 30 Jun 2009 14:53:00 -0400

Vibe, the magazine started by Quincy Jones and Time Warner in 1992 is closing immediately, a spokeswoman said Tuesday.

The spokeswoman, Tracy Nguyen, said the Vibe staff would be formally notified in a meeting at 2 p.m. She said she did not know how many people would be laid off as a result of the closure.

Vibe's closure is the lates in a string of print media failures. The print media business has experienced massive declines in advertising revenue over the last year.

In a memo to the staff announcing the closure, Steve Aaron, CEO of Vibe Media Group said, “The print advertising collapse hit Vibe hard, especially as key ad categories like automotive and fashion, which represented the bulk of our top 10 advertisers, have stopped advertising or gone out of business.”

The Wicks Group, a private equity firm, bought the magazine in 2006. Vibe’s closure leaves just one large-circulation magazine, The Source, focusing on hip-hop and R&B.

SOURCE: Media Decoder

VIDEO: Earvin "Magic" Johnson visits Google to Discuss His Book 32 Ways to Be a Champion in Business

Wed, 17 Jun 2009 23:26:00 -0400

Earvin "Magic" Johnson visits Google's Mountain View, CA headquarters to discuss his book "32 Ways to Be a Champion in Business." In this hour long video Johnson discusses his journey to becoming a successful entrepreneur. Johnson tells his audience the first thing you must do on your entrepreneur journey is to believe in yourself.

VIDEO: Test Drive of World's Fastest Production Car

Wed, 17 Jun 2009 22:35:00 -0400

In this video, Business Week analyst Stuart Schwartzapfel takes Shelby SuperCars’ Ultimate Aero, the Fastest Production Car in the world for a spin while revealing his reactions and comments.

VIDEO: Russell Simmons on Innovation and Business

Sat, 13 Jun 2009 13:18:00 -0400

WSJ's Kelsey Hubbard asks music and fashion mogul Russell Simmons what it takes to be an innovator in business and juggle multiple companies.

American Legacy Magazine Announced End Of Partnership With Forbes Magazine

Wed, 10 Jun 2009 21:21:00 -0400

RJR Communications, Inc. the parent company of American Legacy Magazine announced the end of a nearly decade-and-a-half partnership with Forbes magazine. “Since the magazine was launched in 1995 Forbes has held a stake in the publication”, said Rodney J. Reynolds, founder and publisher of the American Legacy.

“After much consideration, both companies agreed back in January that it was in our best interests to end the partnership to focus on each company’s individual priorities and objectives,” stated Mr. Reynolds.

Since the separation and with the unwavering support of its advertisers the publication has seen more opportunities, but also more challenges at a time when the nation is focused on the economic conditions of the world and a battered economy. Through it all, RJR Communications takes pride in being able to continue delivering a quality magazine. The first issue published under RJR Communications (Summer 2009) is available on newsstands now.

Looking ahead, Mr. Reynolds’ is confident that American Legacy will continue to transform the information and entertainment landscape, from the company’s quarterly publication to its specialty products to the online site; he’s excited about the new opportunities in store for the company especially with its newest product “The Know Your History Game” the family board game about African American history and culture; to the company’s “Black History Curriculum Guide” – a resource for educators seeking to integrate multicultural studies into their curriculum in the classroom.

“Our partnership with Forbes magazine was very rewarding. Together we produced an informative and educational product that has provided a fuller view of African American history and culture. Forbes was a great partner.” said Reynolds. “What should our readers and advertisers expect as the company enters ‘Life without Forbes?’ No one can predict the future with confidence, but my hope is that the work of this organization will be, and will be perceived to be essential – not peripheral to the progress of African American history, culture and also society as a whole,” Reynolds concluded.

Mr. Reynolds notes that change provides new opportunities for American Legacy and encourages anyone interested in learning more about ownership and investment opportunities to contact him. “While these are very challenging times in our industry, these are also exciting times for our magazine and brand” said Reynolds.

American Legacy is proud of its commitment to serving the needs of the people. Working hard to build and maintain a bond of trust with its customers, readers and investors and maintaining that trust is of utmost importance as RJR Communications, Inc. remains a company formed in the public’s interest.

American Legacy is distributed nationwide to over 2.05 million readers through black churches and educational and cultural institutions and is also available on newsstands and through paid subscriptions.

SOURCE: RJR Communications

Robert L. Johnson's Urban Trust Bank Announces Plan to Open 7 New Branches

Fri, 05 Jun 2009 13:23:00 -0400

Urban Trust Bank (UTB) announced plans to open 7 additional branches in Florida previously operated by SunTrust Bank, a company UTB recently aquired. Each acquired branch is located within a local Walmart supercenter.

Robert L. Johnson, Chairman of Urban Trust Bank Holdings, Inc, stated, “We’re excited about our branch expansion and our new locations in Walmart stores which enable us to reach consumers in Florida who can benefit from the convenience of quality banking products and services. We look forward to meeting the financial needs of the citizens of Florida and supporting the economic growth of their communities.”

Commenting on the announcement, Daniel C. Fischer, President and CEO of Urban Trust Bank noted: “These acquisitions reflect the success of our unique strategy and the resulting strength of our institution.” Urban Trust Bank’s focus on providing better value has resonated with local communities, fueling asset growth from $30mm to over $500mm in an 18 month period. “Through this growth, Urban Trust Bank has maintained excellent asset quality and is rated by the FDIC as well capitalized,” Fischer concluded.

The acquired branches are scheduled to open in the next 6 weeks:

The Naples Branch at 6650 Collier Road in Naples, Florida
The Osprey Branch at 13140 South Tamaini Trail in Osprey, Florida
The Bradenton Branch at 5315 Cortez Road in Bradenton, Florida
The Bartow Branch at 1050 E. Van Fleet Street in Bartow, Florida
The Brandon Branch at 11110 Causeway Blvd in Brandon, Florida
The Lake Wales Branch at 2000 State Road 60 East in Lake Wales, Florida
The Sebring Branch at 3525 US Highway 27 N in Sebring, Florida

Urban Trust Bank (UTB) is a federally chartered community-oriented bank with a growing network of branches in Florida. UTB was founded by entrepreneur Robert L. Johnson. UTB is designated as well capitalized by the FDIC, the highest possible capital rating. UTB is headquartered in Central Florida, and has offices in Maryland.

SOURCE: Urban Trust Bank

Most Powerful Black Celebrities 2009

Thu, 04 Jun 2009 01:32:00 -0400

Forbes magazine has released it's annual ranking of the world's ultra famous and most powerful celebrities.

The Celebrity 100, is a measure of entertainment-related earnings and media visibility (exposure in print, television, radio and online). The earnings estimates consist of pre-tax income between June 2008 and June 2009. Management, agent and attorney fees are not deducted. Earnings estimates, which include income from films, television shows, endorsements, books and other entertainment ventures. Figures were rounded off where appropriate.

The cumulative earnings of the 2009 list totaled $4.1 billion, up slightly from last year's $4 billion.

This year billionaire and talk show queen Oprah Winfrey was dethroned from the top of the list by Angelina Jolie. Winfrey was still the highest earner on the list with earnings of $275 million.

Barack Obama joins the list as the first sitting head of state to land on the Celebrity 100. The President's historic election last year helped him sell millions of books. He debuts on this year's list at No. 49, with book earnings of $2.5 million for the 12-month period.

This year's most powerful black celebrities:

Oprah Winfrey, Celebrity 100 Rank #2, Earnings $275 million
Beyonce Knowles, Celebrity 100 Rank #4, Earnings $87 million
Tiger Woods, Celebrity 100 Rank #5, Earnings $110 million
Kobe Bryant, Celebrity 100 Rank #10, Earnings $45 million
Will Smith, Celebrity 100 Rank #11, Earnings $45 million
Michael Jordan, Celebrity 100 Rank #18, Earnings $45 million
LeBron James, Celebrity 100 Rank #19, Earnings $40 million
Tyler Perry, Celebrity 100 Rank #30, Earnings $75 million
Shawn "Jay-Z" Carter, Celebrity 100 Rank #32, Earnings $35 million
Sean "Diddy" Combs, Celebrity 100 Rank #35, Earnings $30 million
Eddie Murphy, Celebrity 100 Rank #41, Earnings $40 million
Kanye West, Celebrity 100 Rank #46, Earnings $25 million
Barack Obama, Celebrity 100 Rank #49, Earnings $2.5 million
Curtis "50 Cent" Jackson, Celebrity 100 Rank #50, Earnings $20 million
Chris Rock, Celebrity 100 Rank #54, Earnings $42 million
Ronaldinho, Celebrity 100 Rank #55, Earnings $30 million
Kevin Garnett, Celebrity 100 Rank #62, Earnings $30 million
Serena Williams, Celebrity 100 Rank #67, Earnings $17 million
Venus Williams, Celebrity 100 Rank #77, Earnings $15 million

SOURCE: Forbes.com

Carver Bancorp Unit Receives $65 Million New Market Tax Credit Funds

Mon, 01 Jun 2009 15:00:00 -0400

Carver Bancorp, Inc., the holding company for Carver Federal Savings Bank, said that its unit, Carver Community Development Corporation, a wholly owned subsidiary of Carver, was awarded $65 Million in New Market Tax Credit ("NMTC") funds.

Deborah C. Wright, the Company's Chairman and CEO, stated: "We are proud to be one of only thirty-two organizations to have received this award. It will provide the Company with significant tax benefits enabling Carver CDC to offer below market loans to real estate developers, not-for-profit organizations and small businesses serving low-income communities located in New York City, Newark, NJ and adjoining communities. This is the second allocation we have received. The first NMTC allocation of $59 million has been invested in low income communities, including the financing of a comprehensive healthcare facility in Harlem, providing working capital to a not-for-profit organization serving children and families with HIV and funding conversion of a landmark ballroom into affordable housing and cultural space for the community. I'd also like to express my appreciation to President Obama for his support of this very important program and Treasury Secretary Geithner for the Treasury Department's selecting Carver CDC to be an award recipient."

The NMTC program was created in 2000 to encourage the investment of private capital into commercial enterprises in low-income communities by providing participating organizations tax credits, taken over a seven year period, totaling 39 percent of the NMTC allocation. The NMTC program is administered by the Community Development Financial Institutions Fund, a division of the Treasury Department. The current award is from an allocation in the American Reform and Recovery Act signed by President Obama earlier this year.

Will Smith Tops List of Most Bankable Actors Worldwide

Tue, 26 May 2009 14:30:00 -0400

The entertainment database company The Ulmer Scale released today its first major overview of star bankability in two years with its new edition of its Actors Hot List. The 2009/10 edition reveals "a big surprise due to a major recession in the 'star power' of Hollywood's top actors," said company founder and publisher, James Ulmer.

Only two actors - Will Smith and Johnny Depp - managed to climb onto The Ulmer Scale's renowned A+ list, scoring 96 and 95 points, respectively, out of a possible 100 in studio high-budget movies. Former no. 1 star Tom Cruise saw his ranking tank to 11th place with 80 points, down 18 points from his 2007 tally.

Women sustained the most wide-ranging losses. Former no. 1 star Julia Roberts slipped 11 points to 12th place overall with 80 points, moving off the A+ list for the first time in 15 years due largely to her reduced output of films. Roberts came in second among women after top-seated Reese Witherspoon, who scored 85 points and is the only woman to make the Top 10 in The Ulmer Scale's global bankability survey of film industry professionals.

Mel Gibson suffered the biggest drop in star power, falling 26 points, followed by Jim Carrey with a 21-point dip. Shia LaBeouf and Daniel Craig topped the list of biggest gainers, rising 43 points and 36 points, respectively. The Hot List also charts the world's leading black, Hispanic, Asian and South Asian stars.

"In nearly every market sector, Hollywood's blue chip star stock has fallen," reports Ulmer, who has compiled the survey since founding The Ulmer Scale in 1997. "The ability of a star's name alone to raise money to make a movie - his 'star power' - has significantly weakened since we last measured it in 2007."

Ulmer said it was the "the poorest performance" he'd seen in the 20 years since he began measuring star power. He attributed the decline to a plethora of entertainment platforms for the consumer, due to a rapidly fragmenting entertainment marketplace. "Stars' scores have shrunk because they must increasingly compete for eyeballs with all kinds of screens beyond the silver one," Ulmer added, "and most of those are shrinking too - TV, the Internet, iPhones, even wristwatches."

Here is the complete list of The Ulmer Scale's Top 10:

Will Smith 96
Johnny Depp 95
Brad Pitt 88
Tom Hanks 87
George Clooney 86
Will Ferrell 85
Reese Witherspoon 85
Nicolas Cage 84
Leonardo DiCaprio 81
Russell Crowe 81

Ulmer is the former international editor of The Hollywood Reporter and is a contributing writer for The New York Times. The Actors Hot List measures the power surges and power drops of more than 1,400 stars worldwide.

SOURCE: The Ulmer Scale

Ronald A. Williams Named America’s Best CEO Health Care

Tue, 26 May 2009 14:05:00 -0400

Aetna’s Chairman and Chief Executive Officer Ronald A. Williams topped the 2009 list of “America’s Best CEOs” in the Health Care - Managed Care category of Institutional Investor magazine’s annual survey released last month.

To date this year, Aetna has received the top ranking on three Institutional Investor lists in the managed care category: “America’s Best CEOs;” “America’s Best CFOs;” and “America’s Most Shareholder-Friendly Companies.”

Institutional Investor says the “America’s Best CEOs” list was compiled through a survey of nearly 900 buy-side investment professionals at more than 460 of the world’s most influential money management firms. Survey participants were asked to identify the top chief executive officers in the sectors they follow.

Williams received the highest score in Aetna’s industry category.

According to Institutional Investor, the top-ranked CEOs in the survey made the list for being "forthright and transparent with shareholders and smart with their companies’ balance sheets.”

Aetna is a diversified health care benefits company, serving approximately 37.2 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans.