Business

Foundations buy Johnson Publishing Company’s extensive photo archive

  The museum of African American History in Washington will display many of the photos by Frederick H. Lowe BlackmansStreet.Today A consortium of foundations has purchased the photo archives of Ebony and Jet magazines for $30 million at auction during a bankruptcy filing. The sale was announced July 25th The consortium includes, J. Paul Getty Trust, the John D. and[Read More…]

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Google parent asked to report on gender and racial pay gap

  By Rosemary Eng BlackmansStreet.Today SUNNYVALE, CALIFORNIA – African American entrepreneur Sky Kelley asked the management team of Alphabet Inc. for improved reporting on the corporation’s global median, gender and racial pay gap to better expose inequality in its treatment of employees. Kelley, representing Time’s Up, made her remarks at the June 19 shareholders meeting of Alphabet Inc. which is[Read More…]

Facebook shuts down fake Black Lives Matter page run by a middle-aged white man in Australia

By Frederick H. Lowe Facebook has shut down a fake Black Lives Matter site operated by a white union official in Perth, Australia, after repeated complaints from the real site’s owners that the fake site was making money off black deaths. The fake site, the largest on Facebook, reportedly was run by Ian Mackay, general branch vice president of the[Read More…]

Susan Rice joins Netflix’s board

Netflix, Inc., the world’s leading Internet-service company, has named Susan M. Rice, former Ambassador to the United Nations and former U.S. National Security Advisor, to its board of directors. “We are delighted to welcome Ambassador Rice to the Netflix board,” said Reed Hastings, Netflix co-founder and CEO. Rice said she was thrilled to join the board of Netflix. She described[Read More…]

The economy added more than 260,000 jobs in October, but the black unemployment rate jumped

  By Frederick H. Lowe   The seasonally adjusted unemployment rate for black men 20-years old and older rose in October, although the nation’s nonfarm businesses added 261,000 jobs, the U.S. Bureau of Labor Statistics reported Friday morning. The jobless rate for black men was 7.5 percent in October compared to 6.7 percent in September. Unemployment for black men was[Read More…]

Chicago deposits $20 million in the city’s remaining black bank

The Chicago Treasurer’s office has deposited $20 million into Illinois Service Federal Savings and Loan Association, a financial institution founded in 1934 by 13 black men. “As a life-long Chicagoan, I know how important it if for use to keep local dollars in communities,” said City Treasurer Kurt Summers. Illinois Service Federal Savings and Loan Association is the last black-owned[Read More…]

Billionaire Robert L. Johnson’s Company Announces $7 Billion Merger Deal

By Frederick H. Lowe BETHESDA, MD.–RLJ Lodging Trust, whose executive chairman and founder is billionaire Robert L. Johnson, on Monday announced a merger agreement with FelCor Lodging Trust Inc., creating the nation’s  third-largest pure play lodging real estate investment trust (REIT) by enterprise value. The combined company will have a market capitalization of approximately $4.2 billion and a total enterprise[Read More…]