Coty to repurchase shares from Berkshire, Rhône
NEW YORK — Coty announced that, as part of an ongoing share repurchase strategy, it will repurchase shares from investment funds affiliated with Berkshire Partners and Rhône.
Coty will purchase about 28 million shares of Class B common stock owned by investment funds affiliated with Berkshire Partners and Rhône, representing all the shares of Class B common stock they will own on the purchase date. The total consideration for the 28 million shares will be $468 million.
In addition, Brad Bloom from Berkshire and Steve Langman from Rhône will resign their positions on the board, and the Coty board will comprise eight members.
“We believe repurchasing our shares is a prudent use of our cash and are pleased to extend Coty’s record of returning value to shareholders through continued share repurchases,” stated Patrice de Talhouët, Coty CFO. “This repurchase of shares is in addition to our recently announced $200 million incremental share repurchase program authorized by our board, and demonstrates our ongoing confidence in Coty’s strategy to generate long-term profitable growth and strong cash flow."
“On behalf of our board of directors and executive committee members, I would like to thank Brad and Steve for their support, dedication and service to our organization,” stated Michele Scannavini, Coty CEO. “They served with distinction and provided invaluable guidance to management during a pivotal time in our company’s history.”
HMN expands Cardiology Network through agreement with American College of Cardiology
DARIEN, Conn. — Health Media Network and the American College of Cardiology on Wednesday announced a strategic partnership that will significantly increase the size of HMN’s Cardiology Network while broadening the distribution of ACC’s CardioSmart Initiative. CardioSmart provides tools and resources to heart health providers and the populations they serve to enhance the dialogue between all the members of the care team and improve health outcomes.
Under the agreement, HMN is granted the exclusive right to install digital television screens featuring CardioSmartTV content in the office waiting rooms of more than 13,000 cardiovascular practices nationwide. In addition, CardioSmartTV content will be distributed across HMN’s existing Cardiology Network footprint, providing additional educational content to almost 4 million cardiology patients every month.
"The goal of Health Media Network is to enrich the patient experience at no cost to the physician, so this is a great benefit to physicians and patients, while also providing a credible and impactful advertising platform for pharmaceutial and consumer package goods as well as other companies that need to engage with patients interested in heart health," said Larry Newman, HMN COO. "With this expanded relationship, HMN is poised to become the preeminent Point of Care cardiology network in the company."
"Our collaboration with Health Media Network will make it easier for the ACC and its members to bring reliable information about preventing and managing heart disease to patients, caregivers and all members of the care team," added William Zoghbi, ACC past president. "Patients must be well-informed in order to be active participants in meeting health goals, and this program will support our members’ efforts to involve patients and caregivers in improving their own health outcomes."
Under the agreement, HMN is granted the exclusive right to install digital television screens featuring CardioSmartTV content in the office waiting rooms of more than 13,000 cardiovascular practices nationwide. In addition, CardioSmartTV content will be distributed across HMN’s existing Cardiology Network footprint, providing additional educational conent to almost 4 million cardiology patients every month.
"The American College of Cardiology’s international reputation for exellence and the organization’s commitment to improving heart health is highly respected," stated Christopher Culver, HMN CEO. "Health Media Network is proud to collaborate with a nonprofit organization of this stature."
CoverGirl makes 5-year, $5M commitment to the next generation of women
HUNT VALLEY, Md. — Procter & Gamble’s CoverGirl brand has announced a five-year, $5 million promise to help the next generation of women rock the world.
Earlier this year, the brand launched the #GirlsCan movement to help young women overcome barriers and be the next generation to rock the world. The movement started with an inspiring video starring CoverGirls Queen Latifah, Ellen DeGeneres, P!nk, Sofia Vergara, Becky G, Katy Perry and Janelle Monáe. With more than 10 million views and counting, this movement of positivity and #GirlsCan power struck a chord and inspired a provocative conversation.
The brand will donate a minimum of $5 million over the next five years to support the work of individuals and nonprofit organizations that are helping women break barriers and blaze trails. The first two beneficiaries of its financial commitment are Girls Who Code and the Soledad O’Brien + Brad Raymond Starfish Foundation.
The CoverGirl #GirlsCan movement will be further ignited by a calendar of content creation, social conversations, funding partnerships, events and activations with a variety of organizations and media partners over the next five years. For example, CoverGirl is particpating in the S.H.E. Summit in New York City — a woman’s leadership and lifestyle conference hosted by Claudia Chan and 92nd Street Y. One of the #GirlsCan partners, award-winning journalist, entrepreneur and philanthropist, Soledad O’Brien, will be attending the S.H.E. Summit on Friday to join a panel discussion entitled “Breaking Barriers: How to Remove Can’t from the Conversation,” presented by CoverGirl.