Verizon sells its media business

Hi and welcome to Insider Advertising for May 4. I'm senior advertising reporter Lauren Johnson, and here's what's going on:

• Verizon sells its media business.
• Adidas toughens agency payment terms.
• Inside Clubhouse Media Group.

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Tips, comments, suggestions? Drop me a line at LJohnson@insider.com or on Twitter at @LaurenJohnson.

Verizon just sold AOL and Yahoo for $5 billion, and the new company will be known as 'Yahoo' going forward

• Verizon is selling AOL and Yahoo for $5 billion.
• The new owner is private equity firm Apollo Global Management.
• Going forward, AOL and Yahoo will be known solely as Yahoo.

Read the story.

Adidas is requiring some ad agencies to pay back more than 10% of their earnings, squeezing small firms

• Adidas has toughened its payment terms for some ad agencies, Patrick Coffee reported.
• It's calling for some agencies to pay back more than 10% of the money they make from Adidas.
• Some agency execs said the practice is unusual and puts financial pressure on small and midsize firms.

Read the story.

A startup promised influencers the Hollywood dream, replete with a mansion. But some insiders say its CEO bullied talent, made misogynistic comments, and treated their personal lives like 'a game.'

• Clubhouse Media Group built a business running a chain of TikTok influencer mansions.
• Talent, who lived rent-free, said CMG's CEO often yelled and would try to set them up on unwanted dates.
• CMG filed two defamation suits against former house members in March.

Read the story.

More stories we're reading:

• TikTok is now the No. 2 platform for influencer marketing, according to a survey of 163 enterprise marketers (Insider)
• Barbie is launching its biggest ad campaign in five years as it tries to keep its sales momentum going (Insider)
• I was a 35-year-old global head of communications who landed in the hospital from extreme stress and burnout. It was the push I needed to finally leave agency life and put my wellness first. (Insider)
• Away's new CEO reveals how she'll revive the luggage startup after sales slumped by 90% during the pandemic - while being 8-months pregnant (Insider)
• Apple and the maker of 'Fortnite' are facing off in an epic legal battle. Here's what the companies are fighting about and what to expect in the courtroom. (Insider)
• Facebook's Oversight Board will announce its decision on the future of Donald Trump's banned account on Wednesday (Insider)
• ESPN's Kevin Merida named L.A. Times executive editor (L.A. Times)

Thanks for reading and see you tomorrow! You can reach me in the meantime at LJohnson@insider.com and subscribe to this daily email here.