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Need to Know – The latest US media & marketing news: Macy's drops Trump, Amazon's fashion strategy & why Prince doesn't want you to stream his music

Morning all, here’s a glimpse at all the media and marketing news you should know today.

1. Macy’s has followed in the footsteps of NBC and cut ties with Donald Trump. Time writes that the department store announced on Wednesday evening that it is to phase out its Trump menswear line as a result of the Republican presidential candidate’s derogatory comments last week about Mexican immigrants.

2. Facebook will soon start sharing ad revenue with select companies that upload their videos to its platform, claims Business Insider. The move comes as the social behemoth places an increasing focus on turning the network into a video hub.

3. Amazon says its new fashion strategy doesn't involve luxury brands. Racked notes that one of the firm's executives, Jennie Perry told the BoF that the luxury market isn't something that the brand is "focused on right now," and added "What we are focused on is developing an experience for our large customer base. That customer seems to have a great appetite for many things."

4. NBC-owned Telemundo will be the first network to produce a bulletin entirely with mobile devices, according to Adweek. Reporters and photojournalists will use smartphones and tablets to shoot all the video for the Monday 6 July edition of evening newscast Noticiero Telemundo, as part of the channel's Digital Day.

5. PayPal has agreed to buy online money-transfer company Xoom Corp, notes the Wall Street Journal. The $890m all-cash deal marks incoming chief Dan Schulman’s first big decision ahead of the firm's split with eBay later this month.

6. Prince is the latest artist to remove his music from streaming services. The Verge reports that the note on the Purple Rain writer's Spotify artist page now reads: "Prince's publisher has asked all streaming services to remove his catalog. We have cooperated with the request, and hope to bring his music back as soon as possible."

7. Droga5 co-founder Andrew Essex has left the agency, asserts Adage. "After nearly a decade helping to grow this amazing company from six people to nearly five hundred, I'm transitioning into an advisory role," said Essex. He has thus far declined to detail what's next in store for him.

8. And good news for donut fans, J.M. Smucker has cut prices for most of its Folgers and Dunkin' Donuts coffee brands sold in the US by six per cent. The group has been forced to slash prices after a customer backlash following a nine per cent hike in 2014.

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