Layoffs hit Bloomberg News

Hi and welcome to Insider Advertising for February 12. I'm senior advertising reporter Lauren Johnson, and here's what's going on:

But first, a quick programming note: We'll skip the newsletter on Monday because of Presidents' Day. Enjoy the holiday!

• Bloomberg layoffs.
• Victoria's Secret's new ad agency.
• Rich Greenfield's new bet on video games and creators.

If this email was forwarded to you, sign up here for your daily insider's guide to advertising and media.

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

Bloomberg News has begun layoffs, and nearly 100 people will be affected - read the full memo to staff

• Steven Perlberg reports that Bloomberg News began laying off staffers on Thursday.
• They'll number around 90 in a newsroom that recently totaled 2,700.
• The development comes as the company has been expanding its subscription business.

Read the story.

Victoria's Secret has hired ad giant WPP to help turn around the ailing lingerie chain

• Lindsay Rittenhouse reports that Victoria's Secret has hired WPP to handle its advertising as it tries to reverse a retail slump.
• The ad holding company will handle advertising, media, public relations, and a new big e-commerce push.
• The move is a pivot for the lingerie chain, which had handled most of its marketing internally.

Read the story.

Rich Greenfield just started a new venture fund. The tech evangelist names his top picks in tech stocks and why he's bullish on video games and creators.

• Tech evangelist Rich Greenfield announced a new investment arm that has $75 million to invest, reports Claire Atkinson.
• The new LightShed Ventures fund is targeting audio, creator space and subscription businesses.
• As for his top stock picks, he's high on big internet platforms with data and analytics like Snap and Twitter.

Read the story.

More stories we're reading:

• 4 media companies that have grown quickly on TikTok share their strategies for engaging users with news, sports, and economics content (Business Insider)
• The App Store is Apple's most valuable asset, but also its biggest liability (Business Insider)
• Pinterest jumps 5% on report Microsoft tried to acquire the $51 billion online pinboard platform (Business Insider)
• Insiders reveal how to get a high-paying corporate job at Instacart, the fast-growing grocery startup where engineers and managers make well into the six-figures (Business Insider)
• Andreessen Horowitz wins deal for creator economy startup stir at $100 million valuation (The Information)
• Google has been allowing advertisers to exclude nonbinary people from seeing job ads (The Markup)

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