Coke Cuts Ties with ‘American Idol’
Coca-Cola has ended its 13-year partnership with “American Idol.” According to Variety, Coke will look to take its advertising dollars elsewhere, as Idol’s ratings and, by extension, its ad revenue continue to be on the decline. Over the show’s last three seasons, Coke’s “Idol’” spending dropped from $49.1 million in 2012 to $16.3 million in 2014. It has yet to be determined which company’s cups the show’s judges will be sipping from when the it returns for its 14th season on Fox next year.
Will Illinois be the Next State to Tax Soda?
After finding success in Berkeley, Calif. and falling short in San Francisco last month, the war on soda rages on. According to Northern Public Radio, another attempt to tax sugary drinks is expected in Illinois’ next legislative session. Like Berkeley’s measure, the proposed plan would impose a penny-per-ounce tax on sugary drinks. Elissa Bassler of the Illinois Public Health Institute admitted that while “there is no silver bullet to the obesity, diabetes, heart disease epidemics,” the revenue generated from such a tax could help fund an array of state-sponsored programs.
TK Hibiscus Goes For a Ride
In our post-”Shark Tank” world, more and more entrepreneurs are always looking to get feedback on their companies in front of a big audience. Sean Shafik, co-founder and CEO of TK Hibiscus recently appeared on MSNBC’s “Your Business,” taking part in the show’s Elevator Pitch segment, and won praise for his line of bottled hibiscus teas. Based on a top score of 10, Shafik received a pair of 8’s from the show’s panelists. The judges appreciated Shafik’s passion for his product, but wanted to know more about how the company plans to differentiate itself from its competitors.
PepsiCo Lays Off 100+ Chicago Employees
The Chicago Tribune is reporting that PepsiCo has laid off over 100 Chicago-based employees in its ongoing cost-cutting measures. The company previously announced that it plans to cut $8 billion in costs by 2019. A PepsiCo rep declined to confirm exactly how many jobs were eliminated, but in a statement called the layoffs “actions that are necessary for the long-term health of our business and position us for continued healthy, sustainable growth.”
FDA Asserts Safety of GMO Foods
The Hill is reporting that during a House Energy and Commerce subcommittee hearing last week, an official of the U.S. Food and Drug Administration (FDA) stressed the safety of foods containing genetically modified organisms (GMOs). Discussing the FDA’s regulatory program for GMOs, Michael Landa, director of the Center for Food Safety and Applied Nutrition said, “Based on our evaluations, we are confident that [genetically engineered foods] in the U.S. marketplace today are as safe as their conventional counterparts.” Now if only we could get people to know what a GMO is?