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Front Office Sports about 8 hours ago

Women’s PGA Championship Tops U.S. Women’s Open With $13M Purse

The KPMG Women’s PGA Championship has set a new milestone in women’s golf by raising its total prize purse to $13 million at this year’s event held at Hazeltine National Golf Club, surpassing the U.S. Women’s Open for the first time. This $1 million increase from last year breaks modern records in women’s golf, with tournament naming rights partner KPMG, led by CEO Tim Walsh, playing a decisive role in elevating the purse to claim the top spot. Walsh highlighted the importance of the event for KPMG’s brand and aimed to ensure the Women's PGA Championship remained the richest prize in the sport rather than being matched or surpassed. Despite the overall purse increase, the winner’s payout of $1.95 million remains below the $2.5 million winner’s check that Nelly Korda earned at the U.S. Women’s Open, signaling Korda’s status as a leading figure driving global attention for women's golf. LPGA Commissioner Craig Kessler praised Korda, emphasizing efforts to celebrate her success and boost visibility for the sport, including high-profile media appearances and corporate sponsorships like Nike billboards. The rise in purses across all five women’s major championships reflects growing investment and attention in women’s golf but still lags significantly behind men’s major payouts. The other women’s majors also reported notable purse increases for 2026: the U.S. Women’s Open set its purse at $12.5 million, the AIG Women’s Open at $10 million, the Evian Championship at $9.1 million, and the Chevron Championship at $9 million. While these gains are encouraging, the PGA of America CEO Terry Clark cautions that financials alone don’t define progress; elevating tournament venues, broadcast quality, and player experience play crucial roles in advancing the women’s game. The LPGA acknowledges sponsors’ investment motives linked to business outcomes and stresses the necessity of continuing to earn increased support through growth in the sport's commercial and competitive stature. Broadcast coverage of the Women’s PGA Championship is also expanding significantly in 2026, with almost 100 hours of live and streaming content available on NBC, Golf Channel, and Peacock. Innovations this year include doubling the streaming of featured groups, mic’d-up caddies for the first time, and AI-powered player reels providing performance analysis to all 156 players after rounds. With enhanced fan engagement tools and technological improvements such as the return of ShotLink, the event aims to reinforce its prestige and foster further growth and visibility for women’s professional golf.

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Front Office Sports about 10 hours ago

Loaded NBA Draft Closes Old Lottery System After Tanking-Fueled Season

The 2026 NBA draft, set to be announced by commissioner Adam Silver on June 23, marks the end of the NBA’s old draft lottery system due to widespread tanking during the season. This draft is notably strong, considered one of the best in decades, and is the last to operate under the traditional rules until at least 2029. The league’s owners approved a new “3-2-1” lottery system in May, which aims to reduce tanking by leveling the odds so that teams with the fourth- to tenth-worst records have better chances at the top pick than the three worst teams, dubbed the "relegation zone." This system will remain in place through the 2029 draft before it can be revisited. Tanking reached unprecedented levels this past season with about a third of teams deliberately underperforming to improve their draft positions. Commissioner Silver responded by fining teams like the Utah Jazz and Indiana Pacers for resting star players in certain games, citing this tactic as worse than seen in recent memory. The draft's deep class made targeting a lottery pick especially appealing beyond the top five selections, driving tanking behavior among multiple franchises. The Washington Wizards hold the coveted number one pick, with promising prospects like Darryn Peterson, AJ Dybantsa, and Cameron Boozer expected to be top choices. One storyline to watch is AJ Dybantsa potentially joining the Utah Jazz at the number two pick, which would connect him to BYU, where he played college basketball and secured a lucrative NIL deal valued between $4 million and $7 million. Jazz owner Ryan Smith, a BYU alumnus with a net worth of $3.3 billion, has contributed significantly to the school's rise in prominence, including its entry into the Big 12 Conference. Although Smith has denied any direct involvement in Dybantsa's recruitment, they have met multiple times, and the player's connection to BYU and the Jazz adds an intriguing dimension to the draft. The draft also highlights a surge in upperclassmen being selected, with projections showing at least 30 seniors drafted in 2026—a number that could break modern records. This uptick is largely due to the name, image, and likeness (NIL) era, which motivates fringe prospects to remain in college longer rather than enter the draft prematurely. While older players were once viewed as less desirable compared to younger talent, recent successful NBA careers of four-year players such as Jaime Jaquez Jr. have shifted perceptions, showing that experienced college players can be more NBA-ready. This change reflects evolving draft strategies and the growing impact of NIL on player development decisions.

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Front Office Sports about 10 hours ago

Tkachuk Is Latest Star Player on Canadian Team to Move South

Brady Tkachuk, long the face of the Ottawa Senators franchise, has been traded to the Florida Panthers in a blockbuster deal that reshapes the NHL landscape. The Senators sent their captain to the Panthers in exchange for a valuable haul of four draft picks, including two first-round selections at Nos. 9 and 25 in the upcoming NHL draft, a 2029 first-round pick with top-10 protection, and a second-round pick in 2027. This move reflects Ottawa’s shift toward rebuilding and capitalizing on draft capital after Tkachuk indicated reluctance to sign a contract extension when his current $57.6 million, seven-year deal expires in two years. The Panthers, coming off consecutive Stanley Cup wins in 2024 and 2025, are aiming to bounce back from a rare non-playoff season marred by injuries. Florida’s general manager Bill Zito praised Tkachuk as a fierce competitor and leader, seeing him as a perfect fit to re-energize the team’s roster. Additionally, this trade reunites Brady with his older brother Matthew Tkachuk, who already plays for Florida, a reunion that carries extra significance given their recent success together on the U.S. men’s national hockey team, including a gold medal victory at the Milan-Cortina Olympics earlier this year. The transaction underscores a broader NHL trend of Canadian star players moving to U.S. teams, drawn by more favorable tax environments and stronger roster prospects. Like other elite players such as Mitch Marner of the Vegas Golden Knights and Nikolaj Ehlers of the Carolina Hurricanes, Tkachuk’s departure highlights the challenges Canadian teams face competing with American franchises operating in states with lower or no personal income tax. Ottawa’s management is now focused on leveraging their new cap space and draft capital to stay competitive, emphasizing a committed approach to improving their team despite losing a marquee player. This trade also comes amid Ottawa’s efforts to develop a new downtown arena, a project now heading forward without the Senators’ biggest star. Meanwhile, the Panthers benefit from a rising NHL salary cap, expected to hit a record $104 million in the 2026–27 season, enabling them to absorb the financial impact of acquiring Tkachuk. This deal marks a significant chapter in the NHL’s evolving business and competitive dynamics, with far-reaching effects on team composition, player movement, and league parity.

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Front Office Sports about 10 hours ago

Why Big3 Is Going Public as Ice Cube Laments NBA Constraints

The Big3 basketball league, co-founded by Ice Cube, is preparing to go public through a special purpose acquisition company (SPAC) merger with Graf Global Corp at a $290 million valuation. This announcement came on June 12, 2026, and shares are expected to be traded later this year on the New York Stock Exchange or Nasdaq under the ticker TONT. The move aims to capitalize on Big3’s momentum, including a 25% ratings increase last season and expanded broadcasting partnerships across CBS, BET, Fubo Sports Network, and even streaming in China via Migu Video Co. Ice Cube expressed his vision for Big3 to last 100 years and emphasized the league’s competitive nature, made up of former NBA talent who still have a strong drive to win. This season features players such as Lance Stephenson, Michael Beasley, Dwight Howard, and others, with standardized salary tiers and a profit-sharing model whereby players earn half of the league’s net profits post-playoffs. The league’s ninth season opened with a heated incident resulting in suspensions, highlighting the intensity and passion embedded in the competition. A major factor motivating Big3 to pursue a public offering stems from challenges in raising outside capital, largely due to NBA restrictions on investments in competing men’s basketball leagues. The NBA prohibits team owners from investing in Big3, viewing it as a rival league, which has complicated Big3’s growth efforts. This restriction has even drawn attention from the U.S. Department of Justice, which reportedly began investigating potential anticompetitive practices by the NBA in 2023. The decision to go public through a SPAC is timely in a year where such mergers are resurgent, despite mixed long-term performance of SPAC takeovers generally. University of Florida finance professor Jay Ritter noted that Big3’s deal could be successful because it is expected to provide significant cash infusion for the league’s expansion, differing from many SPAC mergers where investor redemptions limit available capital. Cofounder Jeff Kwatinetz sees this step as a tipping point for Big3 to leverage growing fan interest and increase its market presence amid evolving sports industry dynamics.

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Front Office Sports about 13 hours ago

MLB Owners Proposal Radically Shifts Player Development

Major League Baseball owners have presented a sweeping labor proposal that would fundamentally alter the pathway amateur players take to reach the pros. The most striking change is making all high school players ineligible for the draft, with U.S.-born players only becoming eligible at age 20 and college players mostly after their sophomore year. This proposal would also reduce the domestic draft from 20 rounds to 12, enforce hard slot limits on signing bonuses, and slash the overall draft bonus pool to about $200 million—figures last seen in 2010. Additionally, MLB aims to implement a 12-round international draft with a $200 million bonus pool, raising the minimum signing age for international players to 18. The owners justify the shift by spotlighting the recent growth and investment in college baseball, suggesting that it can serve as the primary development system much like the NFL's model. They argue that increased scholarships, name, image, and likeness (NIL) opportunities, revenue sharing, and facility upgrades have made college programs an accelerated source of MLB-ready talent. However, no representatives from college baseball are involved in the ongoing labor negotiations between MLB owners and the players' union, indicating a disconnect in stakeholder engagement. Critics, especially the MLB Players Association, counter that this approach overlooks fundamental differences between college baseball and minor league development. College programs are primarily focused on winning and do not consistently provide the volume of competitive playing time or specialized development that MLB's farm systems do. The union also warns that the proposed cuts would reduce spending on player development across domestic and international systems by over $1 billion in five years, including $400 million between 2026 and 2027. They believe these changes would harm the game's future by diminishing opportunities for young talent and delaying players’ arbitration and free agency timelines, thereby reducing their earning potential. The players’ union has rejected the proposal outright, describing it as detrimental to baseball's next generation and damaging to the sport’s long-term health. While the proposal is unlikely to move forward in its current form, it signals the owners' intent to aggressively cut player development costs and reshape baseball’s economic framework amid labor talks. This development follows an earlier owners’ proposal for a salary cap, indicating a willingness to push radical changes in ongoing negotiations with the MLB Players Association.

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AfroTech 1 day ago

Why Demond Martin Left A Career At One Of The Largest Global Hedge Funds To Start A Health And Wellness Brand

Demond Martin, a Harvard Business School alum and former managing partner at one of the world’s largest hedge funds, Adage Capital Management, made a profound career shift in 2022. After more than 20 years in finance and a stint as assistant to the White House chief of staff during the Clinton administration, Martin decided to leave Wall Street behind. His decision was deeply influenced by a personal family crisis involving his oldest child’s struggle with depression and anxiety, which exposed him to the stark disparities in access to mental health resources for Black and brown communities. This life-altering experience led Martin to co-found WellWithAll, a health and wellness brand dedicated to addressing generational wellness gaps within marginalized communities. Alongside entrepreneur and philanthropist Carmichael Roberts, the company offers a range of products including multivitamins, sleep support supplements, Omega-3s, vitamin D3 and K2, and energy drinks made from natural ingredients without artificial sweeteners. WellWithAll uniquely commits 20% of its profits to supporting health equity initiatives for Black, brown, and underserved populations. WellWithAll has also attracted notable backers, including NBA star Donovan Mitchell, who serves as a brand ambassador and strategic investor. The company’s board includes high-profile figures such as Ken Chenault, Jonathan Kraft, David Fialkow, and Larry Fitzgerald, positioning WellWithAll with strong leadership across business, sports, and philanthropy. Martin aims to raise $300 million over the next decade to scale the company’s impact and further its mission of closing wellness gaps in communities that historically face significant health challenges. Martin’s pivot from hedge funds to health and wellness highlights how personal experiences can inspire entrepreneurs to tackle systemic issues with innovative business models. By combining purpose-driven philanthropy with commercial success, WellWithAll seeks to create a sustainable economic engine to improve health outcomes for marginalized groups, demonstrating how business leadership can contribute to social change in tangible ways.

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AfroTech 1 day ago

AethexAI, A Full-Stack Voice AI Infrastructure Startup, Raises $3M In Pre-Seed Round To Level The Playing Field For Enterprises In Emerging Markets

AethexAI, a London-based voice AI infrastructure startup, recently secured $3 million in a pre-seed funding round led by 4DX Ventures, Enza Capital, Dorm Room Fund, Mojo Ventures, and Stanford GSB 26 Fund. Founded by Mariama D. Diallo and Ayooluwa Odemuyiwa, the company aims to provide advanced voice AI tools tailored for enterprises operating in emerging markets, including sectors like banking, telecom, call centers, and fintech. The startup’s flagship product, Kora 1, integrates a sophisticated model stack that supports multiple dialects of French and English, with Arabic support planned for late 2026. Diallo and Odemuyiwa, who met during Odemuyiwa’s MBA application at Stanford, combined their extensive backgrounds in investment banking, tech product growth, and software engineering to address the voice AI gaps they observed firsthand during research trips to countries such as Egypt, the UAE, Ivory Coast, and Nigeria. They found existing voice AI implementations in call centers to be inefficient and often reliant on outdated software, with limited language support not attuned to regional languages and dialects. Their product not only interprets voice interactions but also automates backend workflows, like CRM updates and appointment bookings, bridging a critical technology gap for these markets. Their platform is distinctive for its voice simulation tools that test and optimize voice agents across thousands of scenarios, along with comprehensive analytics offering metrics such as call resolution rates and sentiment analysis. Every interaction is transcribed and fully searchable, making it easier for companies to monitor and improve customer engagement. Diallo emphasizes that AethexAI strives to equalize technological opportunities by bringing voice AI efficiencies to enterprises in emerging economies, technologies previously more accessible to Western companies. The freshly raised funding will be invested in expanding AethexAI’s engineering and product development teams alongside scaling the deployment of their voice agent solutions. The startup is positioning itself as a full-stack provider that not only delivers voice interface capabilities but also manages complex workflow integrations tailored to regional linguistic and business nuances. With this capital infusion, AethexAI is poised to advance its mission of empowering enterprises across emerging markets through cutting-edge voice AI technology.

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AfroTech 6 days ago

Base10, A VC Firm Co-Founded By Adeyemi Ajao, Raises $850M To Fund Early Stage AI-Focused Founders

Base10 Partners, a San Francisco-based venture capital firm co-founded by Adeyemi Ajao, has successfully closed an $850 million fund aimed at supporting early-stage founders focused on AI and automation. This new capital brings Base10’s assets under management to $2.6 billion. The firm targets investments in seed through Series B rounds, backing startups that are driving the automation of the real economy across various industries. Adeyemi Ajao, who has a rich multicultural background and a strong entrepreneurial track record, is leveraging his experience to spot and nurture innovative founders. Before launching Base10, Ajao co-founded Tuenti, a Spanish social media company acquired by Telefonica for $100 million, and held roles including Vice President of Technology Product Strategy at Workday. Alongside Managing Partner TJ Nahigian, he is committed to funding companies that apply AI to create tangible business growth outside traditional tech sectors. Base10’s portfolio boasts high-profile companies such as Nubank, Brex, Instacart, and Notion, highlighting its strong presence in the applied AI space. The firm’s approach has evolved from initially labeling their focus as AI to framing it as automation, reflecting broader acceptance of this technology’s impact. According to Ajao, several portfolio companies are generating significant revenue growth within their first year, demonstrating the accelerating momentum for AI-driven transformative solutions. Beyond investment, Base10 is also prioritizing social impact through its Advancement Initiative, which allocates up to 50% of carried interest to support students from diverse backgrounds pursuing opportunities in tech. This commitment exemplifies Base10’s mission to empower the next generation of tech leaders while fueling innovation that modernizes and automates core segments of the real economy during this period of rapid economic transformation.

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Front Office Sports 6 days ago

U.S. World Cup Team Was Assembled Stateside, Honed in Europe

The 2026 U.S. Men’s National Team (USMNT) competing in the World Cup largely developed their skills with European clubs rather than within Major League Soccer (MLS). During their 4-1 win over Paraguay, nine of the ten outfield players were based at European clubs, with only captain Tim Ream featuring as an MLS player after returning stateside in 2024 following a decade in England. This trend reflects a broader movement of American players leaving the U.S. at younger ages to compete in top European leagues for enhanced wages, prestige, and quality of play. Several players illustrate this path: Alex Freeman transferred from Orlando City to Villarreal for $7 million after a strong MLS season, while Tyler Adams moved from New York Red Bulls to Germany’s RB Leipzig and now starts for Bournemouth in the Premier League. Notably, players like Chris Richards, Weston McKennie, and star Christian Pulisic bypassed MLS entirely, signing with major European clubs in their teens. Pulisic, especially, has become a leading figure symbolizing this generation’s European success. The U.S. presence in top European leagues has surged in recent years, with American players’ minutes doubling over the past decade, jumping from 41st to 22nd in nationality rankings for playing time. This growth is fueled by European clubs’ data-driven scouting, merit-based selections, and openness to foreign talent, alongside a rising pool of U.S. players developed through strong youth academies in MLS. Agents also actively promote American players to European teams, facilitating more transfers abroad. This dynamic creates a reinforcing cycle: successful American players in Europe encourage clubs to invest more in U.S. talent, and strong World Cup performances further validate MLS and U.S. development systems. For example, goalkeeper Matt Freese, the sole U.S. squad member without European experience, hopes to grow soccer in America while emulating predecessors who thrived abroad. Upcoming games will continue to impact the players’ profiles and the perception of U.S. soccer globally.

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AfroTech 7 days ago

Paramount Skydance Wins DOJ Approval For Warner Bros. Discovery Merger

The U.S. Department of Justice's Antitrust Division has given the green light to Paramount Skydance’s $111 billion acquisition of Warner Bros. Discovery (WBD) after an extensive eight-month review. DOJ officials determined that the deal would not harm competition across multiple markets, including streaming video on demand, linear television, and theatrical film production and distribution. Their decision followed a comprehensive investigation involving over two million documents, numerous depositions, and coordination with state attorneys general. Warner Bros. Discovery, which owns major studios, CNN, and HBO Max, is poised to join forces with Paramount Skydance to create a streaming service reaching around 200 million subscribers. Paramount executives, including CEO David Ellison, actively engaged with DOJ officials during the review process, arguing that the merger would bolster competition against tech giants and rival streaming platforms. Paramount expects the merger to generate more than $6 billion in synergies within three years, mostly from non-labor areas, while critics in the entertainment industry are concerned about potential layoffs and market consolidation. The merger received approval from WBD shareholders on April 23, with WBD’s board chair Samuel A. Di Piazza Jr. expressing optimism about the combined company’s potential to expand consumer options and support creative talent globally. However, a group of Paramount subscribers has filed a lawsuit in federal court challenging the merger, claiming it would reduce competition and allow the new company to control nearly a quarter of the theatrical distribution market. Paramount has dismissed the lawsuit as baseless, maintaining that the merged company will enhance consumer choice and competition. Before the deal's approval, Paramount and Netflix engaged in a high-profile bidding war for Warner Bros. Discovery, with Netflix initially proposing $82.7 billion and Paramount countering with a higher bid of around $108.4 billion, later raised to $111 billion. Netflix ultimately declined to increase its offer, viewing the financial terms as unattractive. WBD CEO David Zaslav called the merger historic and valuable for shareholders, emphasizing that the new company would be a leading force in a rapidly consolidating entertainment industry facing fierce streaming competition.

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Front Office Sports 8 days ago

Gareth Bale Launches Sports Fund, Still Eyeing Cardiff Bid

Gareth Bale, the renowned soccer star, has entered the sports investment arena by launching a new fund called Juggernaut Diversified Sports in partnership with private-equity firm Juggernaut Capital Partners. The fund will target investments in men’s, women’s, and youth sports teams and leagues primarily across North America and Europe. Unlike larger megafunds that focus on acquiring small stakes in highly valued professional teams, Juggernaut Diversified Sports aims to seek more substantial investment opportunities, although the fund size will be under $1 billion. Alongside this new venture, Bale remains interested in acquiring Cardiff City, his hometown soccer club. He has previously submitted offers, including a reported $54 million bid last year, but the current owner Vincent Tan has yet to respond to Bale’s most recent proposal. While Bale has not committed to a fresh bid at this time, he acknowledges his emotional connection to Cardiff and emphasizes the need for careful business analysis before proceeding with any purchase. Currently, Cardiff City competes in the EFL Championship after earning promotion from League One following the 2025-26 season. Bale’s ongoing pursuit of ownership fits within his broader ambition to build a portfolio of sports assets through Juggernaut Diversified Sports. Juggernaut’s founder, John Shulman, highlighted plans to soon invest in professional women’s sports teams, reflecting a strategic emphasis on expanding into that growing sector. Juggernaut Capital, established in 2009, has a history of investing in consumer and healthcare companies and has been involved with sports-related businesses, including youth sports operators and apparel brands. Bale, who retired from professional soccer in 2023 after a celebrated career at Real Madrid, Tottenham, and LAFC, is collaborating with Shulman to identify promising sports properties. The two recently arranged meetings with owners of other European clubs, signaling that Cardiff remains important but not the only potential investment in their pipeline.

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AfroTech 8 days ago

Ice Cube's 3-On-3 Basketball League BIG3 Set To Go Public

Ice Cube’s 3-on-3 basketball league, BIG3, is on track to become the first publicly traded professional sports league in the U.S. Founded in 2017 by Ice Cube (O’Shea Jackson Sr.) and entertainment executive Jeff Kwatinetz, the league features former NBA stars and Hall of Famers competing in a city-based format. This shift from a touring model to city franchises took effect in the 2025 season, with teams in major cities like Miami, Houston, Los Angeles, Boston, Dallas, Detroit, Chicago, and the DMV area. Some of these teams have reportedly been sold in deals valued at $10 million each. BIG3 is now pursuing a public listing through a merger with Graf Global Corp., a special-purpose acquisition company (SPAC). The merger values BIG3 at $290 million and is expected to close in the fourth quarter of 2026. Upon completion, the league will operate under the name Big3 Basketball Holdings Inc. Leadership will include Ice Cube as CEO, Jeff Kwatinetz as chairman, Sean Bannon as president, and NBA Hall of Famer Clyde Drexler as vice commissioner. This move allows fans and investors to own equity and actively participate in the league’s growth. Ice Cube expressed enthusiasm about the opportunity to take BIG3 to a broader audience and accelerate its global reach by going public. He highlighted how the league connects basketball with culture and community, positioning itself as a modern sports venture. James Graf, CEO of Graf Global Corp., praised Ice Cube and Kwatinetz for their vision and believed that offering public market access to professional sports ownership is a unique investment opportunity, potentially delivering uncorrelated returns driven by rising team valuations and sports media expansion. The merger still requires approval from Graf Global’s shareholders, with a deadline set for June 27, 2026. If finalized, BIG3’s historic public listing would mark a significant moment in sports business by enabling fans and investors alike to directly benefit from the league’s success and growth. This milestone also underscores Ice Cube’s continued impact as a cultural and sports entrepreneur expanding into new markets with innovative business models.

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AfroTech 12 days ago

Jay-Z-Backed MarcyPen Capital Partners In Talks To Buy Louis Vuitton Moët Hennessy’s Stake In Fenty Beauty

Jay-Z-backed venture capital firm, MarcyPen Capital Partners, is in negotiations to acquire Louis Vuitton Moët Hennessy’s (LVMH) 50% stake in Rihanna’s Fenty Beauty. The iconic beauty brand, launched in 2017 alongside LVMH’s Kendo Brands, is valued between $1 billion and $2 billion and has played a pivotal role in elevating Rihanna to billionaire status. LVMH has enlisted investment bank Evercore to explore the sale, with MarcyPen reportedly exploring several financing approaches and courting outside investors to complete the purchase. MarcyPen Capital Partners itself was established through a merger between Marcy Venture Partners and the Black-owned Pendulum Opportunities. It focuses on growth-stage consumer companies, deploying checks mostly between $5 million and $15 million for minority stakes. Their investment philosophy centers on backing ventures that shape culture and demonstrate scalable, sustainable growth. To date, MarcyPen’s portfolio includes Rihanna’s Savage X Fenty, Wheels (an electric transportation company), Hungry Marketplace (a food tech firm), tech incubator Spatial LABS, and consumer tech company Quince. The potential acquisition would reunite Jay-Z and Rihanna in a business context, reminiscent of their early connection when Jay-Z signed the Barbadian singer to Def Jam Records in 2005. Rihanna has leveraged her music fame into building a business empire with brands like Fenty Beauty, Savage X Fenty, Fenty Skin, and Fenty Hair, demonstrating her multifaceted entrepreneurial success beyond music. For Jay-Z’s MarcyPen, this investment aligns with their strategy of supporting culturally influential consumer ventures with strong growth prospects. With nearly $1.1 billion in assets under management, MarcyPen Capital Partners’ bid to purchase LVMH’s stake in Fenty Beauty signals a major move to gain greater ownership in one of the most influential beauty brands in the world. This deal could further cement Jay-Z’s stake in transformative consumer companies led by Black entrepreneurs and creators, extending his footprint beyond music into high-profile business ventures. The talks remain ongoing, and the market will be watching closely to see if MarcyPen secures this strategic acquisition.

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AfroTech 12 days ago

How Entertainment Attorney Shardé Simpson Is Rewriting Access To Legal Support For Creators With Hello Wilma

Entertainment attorney Shardé Simpson is pioneering improved legal support for Black creators through the launch of Hello Wilma, a subscription-based legal platform debuted on May 20, 2026. This innovative service aims to provide independent artists, producers, and creatives with accessible, professional contract templates to protect their work without the need for full-time legal counsel. Hello Wilma complements Simpson’s boutique law firm, The Simpson Group, PLLC, which she relaunched earlier in February 2026, both driven by a shared mission to democratize quality legal resources for creators at all career stages. Simpson’s career began in 2008 with Roc Nation, where she advanced from executive assistant to key roles in A&R and legal affairs, gaining critical insights into music industry deal structures and legal nuances. She identified a significant gap in affordable legal support for independent creatives, inspiring Hello Wilma’s development to fill that void and empower those who cannot bear the costs of traditional law teams. Her approach prioritizes client understanding and advocacy, valuing impact and education over volume, underscoring her commitment to elevating creators’ knowledge about deals and contracts. Transitioning from practicing law to launching a tech platform posed learning challenges for Simpson, who embraced the technical demands of software development and coding with the help of a dedicated development team. She integrates artificial intelligence into Hello Wilma as a supplementary tool for contract summaries and understanding but emphasizes that nuanced legal drafting requires experienced human oversight. This combination ensures the platform remains grounded in expert legal knowledge while leveraging technology for broader access. Looking forward, Simpson plans to expand Hello Wilma’s offerings to cover comprehensive legal needs in the music industry, including songwriters’ agreements and sample clearances, aiming to streamline project clearances for creatives. Through her dual ventures, she aspires to inspire Black women in law, entertainment, and entrepreneurship by breaking barriers and creating inclusive, supportive spaces. Simpson hopes her work will meaningfully transform how the music industry supports and respects independent artists and creatives outside the mainstream.

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AfroTech 13 days ago

Khaliah O. Guillory Left A VP Role At A Fortune 100 Financial Services Company To Focus On Building Her Own Tech Startup

Khaliah O. Guillory left a stable vice president position at a Fortune 100 financial services company in 2018 to pursue her passion by founding Nap Bar, a tech startup dedicated to promoting rest through innovative solutions. Her inspiration came during a road trip when she struggled to find a place to nap and realized there was a gap in the market for accessible, quality rest options. Guillory, who also runs KOG & Co., a speaking boutique, rooted Nap Bar’s concept in wellness and performance, underscored by a NASA study highlighting the productivity benefits of short naps. Nap Bar offers eco-friendly, tech-enhanced rest suites designed for busy individuals seeking recharging moments during their day. Early customer feedback influenced features like aromatherapy, massages, and immersive virtual reality experiences using Meta Quest headsets, which simulate calming environments such as waterfalls and coastal views. The startup launched its first storefront at The Galleria mall in Houston in November 2019 but pivoted to pop-up locations—including airports, festivals, college campuses, and events like AFROTECH Conference and the Grammy Awards—after the COVID-19 pandemic impacted physical retail. Funding for Nap Bar has come from multiple sources including $40,000 won in pitch competitions such as 50 Cent’s Hustle Tank, $119,250 raised via crowdfunding, and a personal investment of $200,000 from Guillory herself. She envisions expanding Nap Bar to operate storefronts worldwide at high-traffic venues like airports, hospitals, and college campuses to make rest more accessible and normalized, especially within communities influenced by a culture of constant grind and limited rest. To engage the community and share Nap Bar’s vision, Guillory is hosting the inaugural Napchella wellness event in Houston on June 14, 2026. This immersive experience includes elements like brunch, plant activations, chair massages, a tie-dye station, and curated music, showcasing the startup’s holistic approach to self-care and rest. Guillory emphasizes reclaiming rest as a birthright and a tool for unlocking creativity, health, and well-being, challenging long-standing cultural mindsets around productivity and sleep.

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