According to reports, rapper Flo Rida was awarded $82 million in court on Wednesday in his lawsuit against Celsius Energy Drink.
Flo Rida sued the company over money and stock options that were never paid as part of his endorsement deal. Per Forbes, “over $27 million of the damages represent 250,000 shares in Celsius the rapper said he was owed by the company.” What’s more, the jury found that Celsius not only breached their 2014 contract with Flo Rida, but also took action to fraudulently conceal the breach.
“He’s entitled to 500,000 shares of stock via the contract, and entitled to 250,000 shares of stock if certain things happen—one of those yardsticks is that a certain number of units of products need to be sold, but unfortunately the contract doesn’t specify which type of unit—is it a box, is it a drink? And there’s no timeframe or deadline,” Flo Rida’s lawyer John Uustal told Insider.
Magic Johnson is one of the biggest names to have ever played in the NBA, and very few players have enjoyed the hype he did coming into the NBA. Having led his college team to the NCAA championship over his rival Larry Bird in what was the most-watched college basketball game ever, Magic entered the league as the man of the moment and would go on to be Finals MVP in his rookie season as well.
Understandably, Johnson was a coveted property when it came to endorsements and there was a bit of a battle in terms of which shoe company he would sign with. Both Nike and Converse made offers to Magic and the decision came down to whether he would take stocks instead of cash, with the 19-year-old choosing Converse, who had offered him $100,000 a year at the time.
However, with the benefit of hindsight, it’s the offer that Nike put on the table that would have made him a lot more money had he chosen to go with them. The company offered Johnson $1 for every pair of shoes sold along with 100,000 shares in stock options, with the stock valued at $0.18 at the time.
When contextualized, considering that Nike stock is worth $134 today, Johnson would have $5.2 billion to his name had he decided to sign with the company. However, Converse was a bigger brand than Nike at the time, which adds some more context as to why Magic made his decision as well.
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Venum will take over as the UFC’s new apparel partner beginning in April 2021, the promotion announced Friday. The UFC’s apparel deal with Reebok runs through March 2021, but the company will stay on as the UFC’s official footwear brand through the end of next year, per a release.
Unlike Reebok, Venum is a company which focuses mainly on combat sports and martial arts and has since it was founded in France in 2006. Before the relationship between the UFC and Reebok, many fighters had Venum as a sponsor.
Reebok represented a major name brand affiliated with the UFC, which at the time was striving for mainstream acceptance. But it was a rocky relationship. The initial rollout featured extremely generic looking fight gear, rife with the misspelling of athlete’s names. Fighters and managers were critical of the amount of money athletes stood to lose without sponsor patches on fight gear allowed. On top of that, there was concern that every fighter wearing the same uniform would strip the sport, which has its fair share of over-the-top characters, of its individuality.
The dynamic between the UFC and Reebok did improve over time. The UFC desired a cleaner look and presentation on television and pay-per-view and in that aspect Reebok was viewed as a success. The guaranteed, consistent money that came from Reebok became more welcome to some fighters – especially the ones not at the top of the card – compared to having to scratch and claw for sponsors every fight.
Charlamagne Tha God is headed back to television: The host of the massively successful radio franchise The Breakfast Club is getting his own talk show on Comedy Central, Vulture has learned. Details are still being worked out, but the new series will be a weekly half-hour with a focus on current events and cultural issues. There’s no firm timetable for when it will premiere, but the goal is to get it in production by November’s election.
Charlamagne was already hosting Breakfast Club on New York radio when he landed at MTV, but he says McCarthy saw the TV potential in him long before he was a national success. “Giving me a TV deal, almost ten years ago, didn’t really make any sense,” Charlamagne says. “I was a radio guy. It’s easy to say, ‘You know what? I think Charlamagne Tha God needs a talk show’ now. But almost ten years ago for him to have that vision, that did a lot for me. A lot of my success right now is because of those looks that I got on MTV2 and Viacom at the time.