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How Novo Nordisk Lost Its Grip on the Obesity Market It Created; E.l.f. Buys Rhode in $1 Billion Deal; Paramount Offers Trump $15 Million to Settle Suit
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Good morning. Today, the creator of Ozempic and Wegovy strives to fend off a more aggressive rival; Hailey Bieber takes all of three years to build a billion-dollar beauty brand; and Paramount and President Trump remain far apart on a potential settlement.
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Novo Nordisk’s Wegovy is now No. 2 in weekly U.S. prescriptions for weight-loss GLP-1s, trailing Lilly’s newer Zepbound. PHOTO: CHARLOTTE DE LA FUENTE/BLOOMBERG NEWS
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Novo Nordisk is losing its grip on the anti-obesity market it created after a bungled rollout of Wegovy led to shortages, its R&D machine disappointed and a key marketing strategy was slow to get off the ground, Peter Loftus and Noemie Bisserbe report.
Eli Lilly introduced Zepbound for weight loss two years after Novo Nordisk debuted Wegovy, but was first to create a direct-to-consumer, online service selling weight-loss drugs at discounted cash prices, aimed at people who don’t have insurance coverage.
And Lilly beat Novo Nordisk to the punch with a big telehealth firm, Ro, to sell a discounted weight-loss drug.
“Everyone wants to be the first footprints on the empty beach,” said Americus Reed, marketing professor at the Wharton School of the University of Pennsylvania. “But it depends on how you land on that first move. The second mover is watching them make mistakes. You’re able to identify those and not make those mistakes.”
The story’s not over: Novo Nordisk has lately shown signs of being more aggressive. It signed a deal with CVS to make Wegovy the preferred weight-loss drug for members of its drug-benefit plans.
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Content from our sponsor: Deloitte
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How Emerging Technology Can Boost Commercial Banking Relationships
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Commercial banking relationship managers can benefit from technologies that help enhance productivity, deepen client relationships, and improve overall banking client services. Read More
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Hailey Bieber will become a strategic adviser to e.l.f. as well as chief creative officer and head of innovation at Rhode. PHOTO: DIMITRIOS KAMBOURIS/GETTY IMAGES
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E.l.f. Beauty is buying Hailey Bieber’s cosmetics and skin-care line, Rhode, for $800 million at closing and as much as $200 million more depending on how the brand grows, Natasha Khan and Walden Siew write.
Rhode was founded in 2022 and has grown quickly with a narrow assortment of products, including pocket blushes ($24) and lip tints ($18). Rhode sales totaled $212 million for the year ended March 31, E.l.f. said.
Both e.l.f. and Rhode appeal to multiple generations but are particularly popular with Gen Z, e.l.f Chief Executive Tarang Amin said in an interview.
The acquisition also helps e.l.f. diversify its supply chain outside of China, where some 75% of its products are made.
Related: See talking makeup explain e.l.f.’s planned $1 price hike on all products. [e.l.f. on Instagram]
Drugstore brands are dominating beauty influencers’ makeup routines in social media. [Ad Age]
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“We don’t like to say no to anyone.”
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— Piece of Cake CMO Najah Ayoub on the moving company’s influencer program. A content creator with a few thousand followers might get a few hundred dollars off in exchange for posting about the move, while a big-time influencer with followers in five figures might receive their whole move free.
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A sticking point in the Trump-suit talks has been whether a settlement could expose Paramount directors and officers to criminal charges for bribing an official. PHOTO: LEV RADIN/ZUMA PRESS
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Paramount in recent days offered $15 million to settle President Trump’s lawsuit against CBS News, Jessica Toonkel and Josh Dawsey report.
Trump’s team wants more than $25 million and is also seeking an apology from CBS News, according to a person familiar with the situation.
The lawsuit alleges that Paramount’s CBS deceitfully edited a “60 Minutes” interview with Democratic presidential candidate Kamala Harris to make her sound better, and seeks $20 billion in damages. CBS has said the broadcast was “not doctored or deceitful.”
The lawsuit has hung over Paramount’s planned merger with Skydance Media and angered some CBS News executives and staff.
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$1.89 billion
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Broadway’s gross across all productions during the 2024-25 season,
a new record as well as a 23% gain from last season despite a slight decline in attendance. The top earners were “Good Night
and Good Luck,” “Othello,” “Glengarry Glen Ross,”
“Wicked” and “The Lion King.”
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Maria Grazia Chiuri has decided to step down as creative director of Dior’s women’s collections after nine years in the role. PHOTO: GEOFFROY VAN DER HASSELT/AFP/GETTY IMAGES
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Christian Dior’s Maria Grazia Chiuri stepped down as creative director of the brand’s women’s collections amid a creative shakeup across the luxury sector. [WSJ]
Meta Platforms is working on a project to expand its physical retail beyond its current single store on company property in Burlingame, Calif. [BI]
WPP confirmed to employees that it is rebranding its GroupM division as WPP Media, an “AI-powered media company.” [The Drum]
Hoka built a pop-up mountain-trail simulator in Manhattan to generate buzz for its latest Mafate X shoe. [Adweek]
The staffers who still remain at Voice of America expect to receive termination notices this week. [Politico]
Philip Morris is bringing its IQOS heated tobacco product to the U.S. with retail spots that evoke Apple stores and a concert starring Lauryn Hill and Wyclef Jean. [Stat]
Anheuser-Busch revealed its new energy drink Phorm Energy, created with UFC CEO Dana White. Flavors include “Screamin’ Freedom.” [BevNet]
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