Latest news with #Trace
The Guardian
14 hours ago
- Politics
- The Guardian
Struggling in politics? Consider a war – the media will help
'You furnish the pictures. I'll furnish the war,' was the storied response of the newspaper magnate William Randolph Hearst to Frederic Remington after the illustrator was sent to Cuba to cover an insurrection and cabled back to the boss that there was little going on. Much has changed since that famous (if true) exchange of the late 19th century, in the heyday of sensationalism known as yellow journalism. But one thing that hasn't changed is that there's nothing like military conflict to capture the attention of the public, with plenty of help from the media. And the media – whether a tabloid newspaper or a cable news network – benefits, too. These days, Donald Trump's recent strike on Iran has proved the point once again, with the media's attention intensely focused on Operation Midnight Hammer, as it was dramatically dubbed. First the emphasis was on the threat of attacks to Iran's budding nuclear arsenal, then on the possibility of all-out global war, then on the strikes themselves and then the announcement of a supposed ceasefire. All to the greater glory of Trump, at least as he tells it. For those who are trying to bring public attention to other important matters – even matters of life and death – that's a frustrating reality. Jennifer Mascia knows this all too well. She is a founding reporter for the Trace, a non-profit news site dedicated to tracking the epidemic of gun violence in America and trying to do something about it, through exploring solutions. When elected officials in Minnesota were shot earlier this month – the former state House speaker Melissa Hortman and her husband were killed, and the state legislator John Hoffman and his wife were wounded – it was a huge story. Huge, but fleeting. 'Pitted against a global conflict, domestic news doesn't really stand a chance,' said Mascia, who previously contributed to the now-defunct Gun Report at the New York Times, begun by the then columnist Joe Nocera. That's true for domestic news that, in an earlier era, would have commanded the media's attention for many days, if not weeks. The Minnesota violence was even more newsworthy because of an early manhunt and disinformation swirling around the apparent assassin's political leanings. Still, coverage seemed to disappear in the blink of an eye. 'The Trump era has all but ensured that important news will get smacked out of the news cycle in favor of the latest development in Trumpworld,' Mascia wrote to me in an email, after we had talked by phone. Mascia is quick to clarify that she's not suggesting that the media ignore what the chaotic president is doing. 'It's important that we cover Trump's constitutional breaches. We shouldn't become numb or complacent in the face of eroding democracy,' she said. But it was remarkable to see how quickly the Minnesota shootings faded from media attention. A CNN contributor herself, Mascia is often called in to provide perspective for 'Day Two' of coverage after the initial reporting of gun-related news. But often these days, she notes, there is no Day Two. By then, the media has moved on. 'Maybe if the Israel-Iran war wasn't going on, we'd still be talking about it,' she said. 'Anderson Cooper would be broadcasting from Melissa Hortman's funeral. But instead, he's in Tel Aviv.' And, of course, this extends to all sorts of other subjects, not just gun violence. Those who try to focus attention on voting rights, the rule of law, crucial supreme court decisions, widespread citizen action such as the vast 'No Kings' protests – to mention just a few – may get a modicum of attention. But nothing compares to a show of military force. And Trump, always attuned to how he's being perceived, is well aware of that. 'A spectacular military success,' he crowed after the strikes. 'A historic success,' echoed his defense secretary. Pete Hegseth couldn't countenance being asked actual questions and claimed the press was trying to distort the story 'for their own political reasons to try to hurt President Trump or our country'. Was the administration's bragging accurate? Perhaps not, said intelligence reports that indicated the strikes may have only added months to the time Iran needs to produce the material for a nuclear weapon. But no matter. The strikes – from the lead-up to the aftermath – sucked up all the oxygen in the media universe for many days. Even by Thursday early afternoon, the top four news articles (plus one photo) on the Washington Post mobile app, for example, were Iran-related. And Fox News, of course, remained largely a cheering section. Whatever the effect on world peace, military conflict sure is good for ratings, as William Randolph Hearst knew in his bones. 'Historians point to the Spanish-American war as the first press-driven war,' noted a PBS article accompanying the film Crucible of Empire. It wouldn't be the last. Margaret Sullivan is a Guardian US columnist writing on media, politics and culture
Mint
2 days ago
- Business
- Mint
Saks Gets $600 Million Lifeline as Creditors Turn on One Another
(Bloomberg) -- Saks Global Enterprises has reached a $600 million debt deal with a number of its existing investors that would force some creditors to accept losses and push them back in the repayment priority line. As part of the complex arrangement, a group holding a slim majority of the struggling luxury retailer's $2.2 billion of 11% bonds, which were just issued in December, provide Saks an immediate $300 million loan, according to deal terms reviewed by Bloomberg. That debt would be among the first repaid if the company goes bust. The retailer operates its flagship Saks Fifth Avenue stores along with Bergdorf Goodman and Neiman Marcus, rival chains it purchased last year. Lenders that aren't part of that group will have the option to help provide as much as $300 million of additional debt. That would be part of a debt exchange that would see the lenders swapping their outstanding notes for a lesser amount of new, lower priority securities with the same interest rate, a 2029 maturity and collateral. The majority holders — who would bridge any shortfall in the second $300 million — will also participate in the swap but won't have to take a so-called haircut as part of the transaction. Investors who don't take part in the exchange will see their debt fall to the bottom of Saks' capital structure and lose creditor safeguards known as covenants, according to the deal terms. A representative for Saks Global declined to comment on the terms of the financing. Just six months ago, investors scooped up the $2.2 billion of notes that are now part of the debt swap in order to finance Saks' takeover of competitor Neiman Marcus. That debt tumbled to a record low 34.5 cents on the dollar Thursday after Bloomberg reported initial details of the exchange, according to the bond-price reporting system known as Trace. It's the latest instance of a debt deal pitting creditors against each other in order to score breathing room for a troubled company — and its equity stakeholders. Saks' majority creditors were advised by Lazard Inc. and Paul Weiss Rifkind Wharton & Garrison, while minority creditors were represented by Greenhill & Co. and Glenn Agre Bergman & Fuentes. The up to $600 million loan comes with a fixed 11% coupon, according to people with knowledge of the matter. A separate financing commitment agreed to in May will no longer go ahead, Bloomberg News previously reported. The creditor protections on Saks' new bonds are slightly stronger than those on the outstanding 2029 notes, according to the deal terms reviewed by Bloomberg. They put limits on Saks' ability to create new subsidiaries that can issue new debt, and they effectively block any possible repeat of a transaction that reshuffles the company's payment priority ranks. More stories like this are available on
Yahoo
2 days ago
- Business
- Yahoo
Saks Gets $600 Million Lifeline as Creditors Face Steep Losses
(Bloomberg) -- Saks Global Enterprises has reached a $600 million debt deal with a number of its existing investors that would force some creditors to accept losses and push them back in the repayment priority line. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Mapping the Architectural History of New York's Chinatown US State Budget Wounds Intensify From Trump, DOGE Policy Shifts As part of the complex arrangement, a group holding a slim majority of the struggling luxury retailer's $2.2 billion of 11% bonds, which were just issued in December, provide Saks an immediate $300 million loan, according to deal terms reviewed by Bloomberg. That debt would be among the first repaid if the company goes bust. The retailer operates its flagship Saks Fifth Avenue stores along with Bergdorf Goodman and Neiman Marcus, rival chains it purchased last year. Lenders that aren't part of that group will have the option to help provide as much as $300 million of additional debt. That would be part of a debt exchange that would see the lenders swapping their outstanding notes for a lesser amount of new, lower priority securities with the same interest rate, a 2029 maturity and collateral. The majority holders — who would bridge any shortfall in the second $300 million — will also participate in the swap but won't have to take a so-called haircut as part of the transaction. Investors who don't take part in the exchange will see their debt fall to the bottom of Saks' capital structure and lose creditor safeguards known as covenants, according to the deal terms. A representative for Saks Global declined to comment on the terms of the financing. Just six months ago, investors scooped up the $2.2 billion of notes that are now part of the debt swap in order to finance Saks' takeover of competitor Neiman Marcus. That debt tumbled to a record low 34.5 cents on the dollar Thursday after Bloomberg reported initial details of the exchange, according to the bond-price reporting system known as Trace. It's the latest instance of a debt deal pitting creditors against each other in order to score breathing room for a troubled company — and its equity stakeholders. Saks' majority creditors were advised by Lazard Inc. and Paul Weiss Rifkind Wharton & Garrison, while minority creditors were represented by Greenhill & Co. and Glenn Agre Bergman & Fuentes. Double-Digit Coupon The up to $600 million loan comes with a fixed 11% coupon, according to people with knowledge of the matter. A separate financing commitment agreed to in May will no longer go ahead, Bloomberg News previously reported. The creditor protections on Saks' new bonds are slightly stronger than those on the outstanding 2029 notes, according to the deal terms reviewed by Bloomberg. They put limits on Saks' ability to create new subsidiaries that can issue new debt, and they effectively block any possible repeat of a transaction that reshuffles the company's payment priority ranks. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mirror
5 days ago
- Entertainment
- Daily Mirror
Blue Peter star died penniless driving taxis after decades on TV
Blue Peter star Christopher Trace had a successful career in the TV industry before things took a turn for the worse, and he was declared bankrupt and lost his life savings A Blue Peter icon died penniless after a nine-year stint on the BBC children's show. Christopher Trace kick-started his presenting career at 25 in 1958 and was the one to introduce the inaugural episode alongside co-host Leila Williams. His career trajectory soared from there. He secured a regular presenting gig on the BBC Schools programme Signpost in 1961, holding the role for four years. Prior to his presenting days, he had an acting career, featuring in films like the 1959 release The Hound of the Baskervilles and 1960's Urge to Kill. Regrettably, things took a turn for the worse for the star. By 1967, Blue Peter chiefs were keen to replace him on the show, labelling him as challenging to work with on-set. Matters worsened when his wife Margaret Cattrall sought a divorce following Trace's infidelity with a 19-year-old during a Blue Peter trip to Norway. Christopher and his wife Meg were parents to two children, Jonathan and Jessica, reports the Express. Although he continued to work for BBC Radio and BBC Norwich for the subsequent six years, Trace exited Blue Peter in 1967 and gambled on a new business venture that ultimately drained his life savings. He made a brief comeback to Blue Peter for its 20th anniversary in 1978, but largely withdrew from his media career and ended up serving pints in a Norwich pub and working as a taxi driver. One source reminisced: "I remember him being strong on screen on BBC East. He was only there as his wife had kicked him out, he'd lost all his money and was drinking and eventually he went off to run a pub in Norwich." In the twilight of his career, Trace turned his hand to a variety of odd jobs, including taking on the role of general manager at an engineering factory. It was here that he tragically lost two toes in an industrial accident and subsequently ceased going to work. Having been declared bankrupt in 1973 - just two years following his marriage to Prudence Day - the television personality sadly passed away at the young age of 59 in 1992 due to oesophageal cancer. At the time of his passing, he resided in Walthamstow and was visited by fellow presenters Valerie Singleton and Biddy Baxter in hospital during his final days.
Edinburgh Live
6 days ago
- Entertainment
- Edinburgh Live
BBC Blue Peter icon died penniless after dismissal from show for 'being difficult'
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A Blue Peter legend sadly passed away penniless after a nine-year stint on the renowned BBC children's show. Christopher Trace embarked on his presenting journey at the tender age of 25 in 1958, and was the one to kick off the inaugural episode alongside co-host Leila Williams. His television career flourished as he secured a regular presenting gig on the BBC Schools programme Signpost in 1961, a role he held for four years. Before his Blue Peter tenure, Trace even dabbled in acting, featuring in films such as The Hound of the Baskervilles in 1959 and Urge to Kill in 1960. He also served as Charlton Heston's body double in the 1959 cinematic masterpiece Ben-Hur. Regrettably, things took a turn for the worse for the gifted star. By 1967, Blue Peter chiefs were reportedly eager to replace Christopher on the show, citing his challenging behaviour on set, according to the Express. His personal life also spiralled when his wife Margaret Cattrall sought divorce following Trace's infidelity with a 19 year old during a Blue Peter excursion to Norway, reports the Daily Record. Christopher and his wife Meg were parents to two children, Jonathan and Jessica. Trace bid farewell to Blue Peter in 1967 and gambled on a fresh business venture as a writer and production manager at a feature film company. Unfortunately, the job didn't pan out, resulting in the loss of his life savings. Trace was declared bankrupt in 1973, just two years after tying the knot with Prudence Da. He found himself pulling pints in a Norwich pub and driving taxis to make ends meet. Eventually, he managed to revive his television career by working on BBC's Nationwide, presenting regional programmes in East Anglia and hosting the breakfast radio show on BBC Norwich. A source from that time recalled: "I remember him being strong on screen on BBC East. "He was only there as his wife had kicked him out, he'd lost all his money and was drinking and eventually he went off to run a pub in Norwich." However, by the mid-1970s, Trace largely stepped back from his media career and dabbled in various odd jobs. One of these roles included a general manager position at an engineering factory. Join Edinburgh Live's Whatsapp Community hereand get the latest news sent straight to your messages. While working there, he lost two toes in an industrial accident and stopped coming into work. Sadly, Trace passed away on 5 September 1992 at the age of 59 from oesophageal cancer, after battling the disease for the last five years of his life. At the time of his death, he was residing in Walthamstow and was dependent on benefits. In his final days, Trace was visited in hospital by fellow presenters Valerie Singleton and Biddy Baxter.
