Good morning, Broadsheet readers! Hillary Clinton is headed to the small screen, the Moonves fallout continues, and we’re introduced to “the Weinstein clause.” Have a terrific Thursday.
EVERYONE'S TALKING
• The cause of the clause. Bloomberg has a fascinating story about a new phenomenon on Wall Street that's being referred to as “the Weinstein clause.”
Advisers are adding language to certain merger agreements that legally vouches for the upstanding behavior of a company's leaders. In some instances, Bloomberg reports, "buyers have even negotiated the right to claw back some of the money they paid if subsequent revelations of inappropriate behavior damage the business."
It's a substantive example of how businesses are guarding against the financial and reputational turmoil that sexual harassment claims can trigger, and the measures are particularly notable due to their source: "the male-dominated world of M&A advisory."
The Weinstein clauses remind me, in a way, of the inclusion riders that actress Frances McDormand encouraged all of Hollywood to employ at the end of her Oscars speech. "I have two words to leave with you tonight, ladies and gentlemen: inclusion rider," she said in March. Actors can demand that the stipulations, which require a certain level of diversity among a film's cast and crew, be added to their contracts.
The ins and outs of business contracts are decidedly unsexy, but we shouldn't overlook their legally-binding nature as an agent for real change. As shown by the startling sexual misconduct allegations against one-time #MeToo supporter Les Moonves: Talk is cheap; best to get these things in writing. Bloomberg
ALSO IN THE HEADLINES
•Hillary Clinton: TV producer. Hillary Clinton is heading to the small screen as one of four executive producers on a Steven Spielberg-directed adaptation of a book about women's fight for voting rights. Spielberg's company said the show is being developed for a cable channel or a streaming platform. The Woman's Hour, by author Elaine Weiss, is "about the women who fought for suffrage nearly 100 years ago," Clinton tweeted. "We stand on their shoulders, and I'm delighted to have a hand in helping to tell their stories." Fortune
• Name change. The swift fallout from Les Moonves's sexual misconduct allegations continued Wednesday, as the University of Southern California said it would suspend the use of its media center title, The Julie Chen/Leslie Moonves and CBS Media Center, until the investigation of Moonves's alleged sexual misconduct wraps up. USC said Moonves and his wife, Julie Chen, requested the change due to the accusations. The center was a joint gift from the couple and the network in 2015. Fortune
• Grabbing a slice. As Papa John's navigates its ongoing crisis prompted by founder John Schnatter's racist language and subsequent ouster, it's turned to a new ad agency, Endeavor Global Marketing. The final pitch to the pizza chain was led in part by Bozoma Saint John, Endeavor's new CMO who joined the agency earlier this summer from another reputationally-challenged firm, Uber, where she served as chief brand officer. AdWeek
• Staying out of it. President Donald Trump has tweeted his support of candidates in many a primary this election season, yet there's one he's staying out of: today's tight Tennessee Republican primary for governor. Rep. Diane Black has touted her ties to Trump, but the lack of an official presidential endorsement could be fatal to her race against businessmen rivals Bill Lee and Randy Boyd. Politico
IN CASE YOU MISSED IT
• Suing over sexism. Australian Senator Sarah Hanson-Young is suing a fellow lawmaker for a sexist remark. During a debate about violence against women, Sen. David Leyonhjelm told her to “stop shagging men." Leyonhjelm's (seriously wrongheaded) explanation for the offensive comment is that Hanson-Young shouldn't have sex with men in private if she's going to attack them in public. The lawsuit comes as Australian politics grapples with its toxic culture of sexual harassment. “Even some of the worst Hillary Clinton stuff I don’t think has quite got the coarse nature of the discourse here about women,” says Queensland law professor Susan Harris Rimmer. “It’s really quite brutal. It feels like there are no boundaries anymore.” New York Times
• Returning to its roots. Since becoming Vimeo CEO last year, 34-year-old Anjali Sud has returned the video-sharing site to its roots as a platform for filmmakers, extricating it from the race against YouTube, Hulu, Netflix, Amazon, and HBO to develop original content. She says Vimeo still competes with the likes of Netflix, but from a new perspective: “Anyone can become a filmmaker and launch their own Netflix." Bloomberg
• Marriage material. For the past two decades, women have outnumbered men at Chinese universities, a trend that's propelling more women into the work force and encouraging them to delay marriage and childbirth. The Communist Party has taken dramatic steps to reverse this phenomenon since its future may depend on it, says author Leta Hong Fincher. "How do they continue exerting control when you have all these chaotic forces...young women in particular, who are all wanting to do their own thing rather than follow the dictates of the government and marry early and have babies?" NPR
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