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February 9, 2023

NBA Trade Deadline Inspires Major Moves

We are just hours shy of the trade deadline, and things are getting exciting. Kevin Durant is heading to the Phoenix Suns, as Mat Ishbia marks the beginning of his new ownership era. In return, Brooklyn will get Mikal Bridges, Jae Crowder, Cam Johnson, and four future first-round picks. Elsewhere, ESPN’s Adrian Wojnarowski was the first to report that the Lakers are preparing to ship Russell Westbrook to the Jazz in a three-team trade with the Timberwolves. Juan Toscano-Anderson and Damian Jones will join Westbrook, as the Lakers acquire D’Angelo Russell, Malik Beasley and Jarred Vanderbilt from Minnesota and the T-wolves get Mike Conley and Nickeil Alexander-Walker.

Scooter Braun's HYBE America Acquires Quality Control for $320M

Lil Baby, City Girls, and more now have a new home. Scooter Braun led the deal as HYBE America takes over P and Coach K‘s Quality Control. The $320 million deal is the result of a long-term relationship between Braun and the QC bosses. “HYBE are perfect partners for Quality Control as we come together to take our story and work global. … An added bonus of this partnership is the fact that both QC and HYBE have existing relationships with the UMG family and that will create an easy flow that will benefit the artists.”

Las Vegas Aces Face Scrutiny for Salary Cap Violations

The WNBA is investigating the defending champion Las Vegas Aces for allegedly finding ways to circumvent the league’s salary cap. According to The Next’s Howard Megdal, who first reported the news, the Aces are accused of using outside companies to offer additional compensation to pending free agents or extension-eligible players, keeping their official salary numbers under the cap.

Boardroom’s Russell Steinberg has all the details on the investigation. 

Hermés Claims Victory in "MetaBirkin" Lawsuit

Hermés got some good news on Wednesday. A Manhattan federal judge ruled that digital artist Mason Rothschild violated intellectual property laws with its production of a “MetaBirkin” NFT collection. The high-priced Birkin bag is one of the most covetable accessories in the industry. As a result of the ruling, the Italian luxury label received a $133,000 settlement for the violations. Rothschild’s attorney responded to the decision, saying that it marked a “terrible day for artists and the First Amendment.”

Disney Faces Major Changes on Heels of Earnings Report

Spring cleaning at the House of Mouse is set to start a little early this year. Disney stockholders are eager for Bob Iger — and that’s a good thing for the company as it undergoes what Iger is calling a “significant transformation.” In the first Disney earnings report since his rehiring in November, the 71-year-old CEO isn’t fretting $1.1 billion in Q1 losses as Disney’s ad-supported tier and recent price hikes helped recover the losses. The company will make major moves, starting with a restructure that will break it into three parts: Entertainment, ESPN and parks and experiences. It will also roll out a layoff expected to impact 7,000 jobs in an effort cut $5.5 billion in costs.

Boardroom’s Anthony Puccio has all the details on the Q1 report.

Beyoncé Introduces New Parkwood Entertainment SVP

Parkwood Entertainment serves as the creative home to all things Beyoncé. Now, it has a new leader, as the queen herself announced Justina Omokhua as Parkwood’s senior vice president. She joins the company after a career of work in marketing, including Endeavor, WME, and more. “Parkwood is the epitome of excellence and to serve in this role is an opportunity of a lifetime,” Omokhua said. “We will continue to push boundaries and challenge the status quo.”