Aerospace Sector

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>>> GE buys out entire New York Times in first-ever advertising takeover, promoting new businesses


By Andy Brownfield

Cincinnati Business Courier

Dec 8, 2022


https://www.bizjournals.com/cincinnati/news/2022/12/06/ge-new-york-times.html?utm_source=sy&utm_medium=nsyp&utm_campaign=yh


General Electric, whose spinoff of its health care and energy companies will leave Evendale-based GE Aerospace as the sole company, bought out every single print ad in the New York Times Tuesday.

GE (NYSE: GE) on Tuesday executed an advertising takeover of the Times for the first time in the publication's 171-year history, promoting the company's transformation into three standalone, publicly traded companies: GE Aerospace (formerly GE Aviation), GE Vernova and GE HealthCare.

“GE is beginning again, on the path to create three companies all essential to modern life and all focused on delivering for the future," Linda Boff, GE chief marketing officer, said in a note announcing the advertising takeover.

The takeover includes every print ad space in the Times' Dec. 6 newspaper, as well as ads in the newspaper's desktop and mobile presences and on its podcast, "The Daily." The advertising, prepared by agency Giant Spoon, takes on the theme of "focus" as it applies to the focusing of each company on its industry as the giant conglomerate splits into three new companies.

"Today’s takeover of the New York Times print edition underscores our belief that focus is a superpower, especially in an age where our attention is divided among endless input, and that focus is the key to delivering long-term value," Boff said.

General Electric announced in November 2021 it is splitting itself into three publicly traded companies, spinning off GE HealthCare in early 2023 and GE Vernova – its energy business – in 2024. When the process is complete, GE Aerospace will remain as its own standalone company, leasing the "GE" name to the other two and owning a 19.9% stake in the health care firm.

GE CEO H. Lawrence Culp Jr. took over as CEO of GE Aviation in July, replacing John Slattery, who was named CEO in June 2020. Slattery was named executive vice president and chief commercial officer of the aviation business.

The advertising takeover of the Times included a cover wrap that encompasses the entire paper, showing off the logos of the three new companies. And then each section of the newspaper is devoted to one of the new companies: the main news or A section of the newspaper shows off GE Aerospace, the business section GE Vernova, the science section GE HealthCare and the art section is devoted to GE employee appreciation.

Included in the advertising are touches like a foldable paper airplane adapted by four-time Guinness World Record holder Ken Blackburn, who holds the record for the longest time keeping a paper airplane aloft; a Magic Eye optical illusion; and a circular crossword puzzle from award-winning puzzle maker Brendan Emmett Quigley.

GE did not disclose what it paid for the takeover of the New York Times.

GE Aerospace reported $6.7 billion in revenue for the third quarter of 2022, up 24% from the same quarter last year. That represented $1.2 billion in profit for the quarter, up 52% from the third quarter of 2021.

GE Aerospace, along with its joint venture with French firm Safran, CFM International, is the world's largest supplier of aircraft engines, responsible for 53% of the market. The company is Cincinnati's third-largest manufacturer, with 9,000 local employees, according to Business Courier research.

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