Cube that is. The rapper and his 3-on-3 professional basketball league are suing investors for not holding up their end of the bargain. The Hustle Mon, Apr 9 Brought to you by SimpliSafe… home security, done right. Ice Cube and his 3-man-basketball league are suing Qatari investors for $1.2B Get money, spend money, no money: […]
April 9, 2018
Cube that is. The rapper and his 3-on-3 professional basketball league are suing investors for not holding up their end of the bargain.
Brought to you by SimpliSafe… home security, done right.
Ice Cube and his 3-man-basketball league are suing Qatari investors for $1.2B
Get money, spend money, no money: The Washington Post reports that Big3 basketball league founders Ice Cube and Jeff Kwatinetz are suing a group of their own investors for $1.2B.
The 33-page suit alleges the investors, which include associates of Qatari royalty (like the half brother of Qatar’s emir), bragged of connections to the royal family and its riches but paid little more than half of the money they agreed to invest in the 3-on-3 pro basketball league.
Iverson hath risen
Aimed at extending the careers of players like NBA all-star Allen Iverson, and upping the fun with streetball antics, the 8-team league debuted last June, drawing nearly 400k viewers.
The better-than-expected turnout was enough to lock in a second season, but the league needed funding.
So, the league’s then-commissioner Roger Mason Jr. introduced them to the group — with whom he had a close relationship — and brought them on as “passive investors.”
But they became anything but passive
As soon as they signed on, they attempted to buddy up with Big3 employees, offering tropical trips, yacht parties, and investments in personal business projects.
Except, when it came time to front the money they couldn’t deliver.
According to the Washington Post, Sport Trinity was to pay $11.5m upfront and would contribute $9m in sponsorship money over 3 years -- but they paid only $6.5m at the start, promising to pay the remainder ASAP.
So Cube had to come in and regulate
The lawsuit claims the volatile months-long game of cat and mouse cost the league millions, their first-year commissioner (whom they fired due to his relationship with the group), and other financial headaches -- bringing a whole new meaning to Ice Cube’s “The Curse of Money.”
But the dispute hasn’t slowed the Big3’s momentum: The league, scheduled to open its second season in June, recently announced an apparel deal with Adidas, improved their television deals, and hired a new commish -- NBA legend Clyde “The Glide” Drexler.
“We’re just trying to do basketball, man,” he told WaPo. “We’re not trying to be caught up in no international bullsh*t.
Ice Cube With Attitude
In a world where major hacks are a regular occurrence, one industry will stop at nothing…
It’s not the newest Michael Bay film but, as WIRED reports, it is a burgeoning, multibillion-dollar industry. And, now more than ever, a must-have for companies who don’t want to get “breached” out of business.
If it’s risky, insurers will come
As of 2016, cyberinsurers made about $3.5B in premiums worldwide -- merely an appetizer compared to the $200B premium buffet US auto insurers bring in annually.
The difference is that cyberinsurance premiums have grown 30% annually in recent years, and the increasing frequency of large scale hacks means the stakes are only getting higher.
Offering $300m for a billboard company, Netflix proves the ’boards are back in town
Reutersreports that Netflix has offered a competitive $300m bid to purchase Regency Outdoor Advertising, a billboard company in LA.
For Netflix, which describes itself as “leading the way for digital content since 1997,” the purchase of an old-school billboard company is not only ironic — it’d be the largest acquisition in company history.
Why jump on the board-wagon?
The same reason your cousin Stacy took 43 photos of her tiramisu yesterday: Netflix is doing it for the ’gram. Billboards blew up in the 1920s by appearing in the windows of passing drivers -- now, they’re doing it by appearing in millions of selfies.
“We try to make campaigns people will want to share,” explains Claire Knebl of Glossier, a direct-to-consumer makeup company that advertises on billboards.
Acquiring paid customers using social channels is becoming more expensive and less consistent, but amplifying a brand with eye-catching public visuals is becoming cheaper -- thanks to those same networks.
Location, location, location-data
In real life, billboards for Netflix -- or Glossier, Hims, Thinx, Spotify, Lyft -- aren’t in places like Ebbing, Missouri. They’re on the 405 in Santa Monica, the 101 in San Francisco, or the subway in Manhattan -- where the customers are.
Using customer data -- some collected from smart billboards themselves -- companies like Netflix infiltrate social feeds of Snap-happy customers.
Last year, “Netflix is a joke” billboards popped up across NY and LA and blew up on social media.
Who was behind them? Netflix, promoting their own comedy shows.
Orion Span Inc. announces plan to open the first ever luxury hotel… in space
Looking to book a trip? Say no more. The future is (almost) here, and when it arrives, you’ll be looking at a pretty out of this world vacation package.
As first reported by Bloomberg, Houston-based Orion Span Inc. announced plans to open the first-ever space hotel to give normal, everyday millionaires the chance to feel like real space rangers.
But this ain’t no stay at the Ramada Inn
The luxury space hotel will orbit 200 miles above Earth, offering 4 guests an incredibly high-speed 12-day space stay and costing an exorbitant number of Earth dollars.
According to Orion Span’s CEO Frank Bunger, they aren’t selling an easy breezy experience, but instead “the experience of being an astronaut” -- a very, very rich astronaut.
The stay at “Aurora Station” -- AKA the perfect name for a spaceship horror movie -- starts at $9.5m per person, or around $792k a night. The station, which can house as many as 4 guests and 2 crew, requires an $80k deposit to secure your spot.
And it’s not that far out
Orion Span is mulling potential funding (at an undisclosed amount) to get the project off the ground and into space. It hopes to launch in late 2021 and have its first guest the following year.
Some skeptics believe the startup’s lofty four-year time frame may be a ruse to assess the market -- and whether people are really that eager to get space-wasted.
*Double take* “Wait, did we just send an email on Sunday?”
Oh, right, we meant to do that.
First things first, if you didn’t get a chance to read our first-ever Weekend Edition of The Hustle yesterday, stop what you’re doing and open that sh*t.
It’s ok, we’ll wait…
Alright, now that we’re all caught up, let’s unpack what just happened.
On weekdays, we send an email with quick stories about the latest business and tech news you need to know to succeed at work, and sound smarter to your co-workers. But, there are just some stories that are too big to fit in 200 words.
Stories about the people and forces driving some of the biggest trends in tech and business, that you’ve probably never heard of.
That’s where the our Weekend Edition comes in
Every Sunday morning, we’re sending you an in-depth, original story to sink your teeth into, from bed, at breakfast, or wherever you happen to be at the crack of dawn.
We can’t tell you what our next story will be, but we promise it’s gonna be interesting. So get excited, tell your friends, and turn those mail notifications on, because we’re comin’ at you hotter than a Brooklynite to a cronut.
See you in your inbox on Sunday.
-- Lindsey, Regional Supervisor of Reading Over Huevos Rancheros
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