Company News: Wal-Mart diversity figures show small change
Management ranks at Wal-Mart Stores Inc. saw modest increases last year in women and minorities, even though they are more abundant in the retailer’s work force than in the population at large, according to figures the company released Friday.
This is just the second year that Wal-Mart, which faces the largest discrimination class-action lawsuit in U.S. history, has publicized its report to the Equal Employment Opportunity Commission and therefore the first time any changes can be seen.
Compared to the report on 2005, the 2006 numbers showed small increases in the overall presence of minorities and women among Wal-Mart’s 1.35 million U.S. employees.
Women made up 60.9 percent of Wal-Mart’s employees last year, compared to 60.5 percent the year before. Minorities were 33.1 percent versus 31.8 percent, including blacks at 17.5 percent, up from 16.8 percent.
Hispanics accounted for 11.4 percent, compared to 11.2 percent in 2005. The rate for Asians was 3.1 percent versus 2.7 percent in 2005. Native Americans were barely changed at 1.2 percent after 1.1 percent the year before.
“Online music retailer Napster Inc. said Friday it is teaming up with electronics retail chain Circuit City Stores Inc. to launch a new digital music service.
The co-branded service, called Circuit City + Napster, will be powered by Los Angeles-based Napster’s subscription service, but will offer some exclusive tracks on a weekly basis not available to Napster users.
Financial terms of the deal were not disclosed.
Unlimited access to the service costs $14.95 a month. New subscribers will receive the first month of access free and five free song downloads.
Individual song downloads can be purchased for 99 cents each. Prepaid download cards will also be available in-store and online in bundles of 15, 25 or 60 tracks.
Individuals can sign up for the service beginning April 29.
“Clear Channel Communications Inc., the nation’s largest operator of radio stations, said Friday it agreed to sell its 56 television stations to a private equity firm for $1.2 billion.
The company had announced it would sell the stations last November, part of a divestiture that includes the possible sale of 448 radio stations. So far, the company has reached agreements to sell 161 radio stations for a total of about $331 million.
Clear Channel owns more than 1,100 radio stations nationwide and plans to retain about 675, mostly in larger markets.
The divestiture plan was announced at the same time the company first disclosed that it agreed to be acquired by a group of private equity investors, led by Bain Capital Partners LLC and Thomas H. Lee Partners LP.
That plan ran into some resistance from several large shareholders who argued the sale price was too low.