Businessman Shaq is at it again. The big man has helped to put together a deal that involves two entertainment and media companies, both of which he already has dealings with.
Shaq is a so-called “stakeholder” in Authentic Brands Group. That means he’s a part owner, among other things. ABG is a marketing and entertainment organization whose big portfolio of brands generate a whopping $14 billion+ in retail sales worldwide.
On Tuesday this week (as of this writing) ABG says it’s picked up a good-sized chunk – 20% equity stake – in the company Medium Rare. The two companies are involved in similar businesses. Medium Rare is a producer of live events, along with being a “content production” company. That means they make TV and online programming, among other things.
The exact amount of the deal was not released. O’Neal himself was part of the team that brokers (put together) the deal. Shaq already works closely with Medium Rare, which produces the big man’s festival experience and annual Super Bowl event, Shaq’s Fun House. The company also does general management work for Shaq’s alter-ego, DJ Diesel and his various appearances worldwide. As for ABG, they are also in the management business, taking care of O’Neal’s “intellectual property” around the world.
It’s a good combination for the two companies. Under the deal, Authentic Brands will be able to use the resources of Medium Rare’s various platforms to produce branded events for broadcast, streaming and in-person.
As for Medium Rare, they’ll have access to ABG’s vast portfolio of entertainment, media and lifestyle brands including O’Neal himself. Also included on that long list is Sports Illustrated magazine; Elvis Presley, Marilyn Monroe and Muhammad Ali estate properties and assets and lots more.
Getting started, the new company has already announced a deal with Sports Illustrated to produce The Sports Illustrated Awards, a reimagined version of the annual Sports Illustrated Sportsperson of the Year. The new show will be made into one of those prime-time TV awards shows, complete with musical performances and celebrity appearances.
Of course live events have taken a huge hit during the ongoing Covid pandemic. As for Medium Rare, the company has pivoted from the live event space and to a broadcast and virtual events production company. They were the producers of the big online event Shaq vs. Gronk (See previous ShaqFu posts for more info on that event), and also Black Entrepreneurs Day.
The online Shaq vs. Gronk event pitted the two in head-to-head challenges and featured musical performers Snoop Dogg, DaBaby, Diplo, Steve Aoki and DJ Diesel. It drew a good-sized audience of about 9 million live viewers.
Black Entrepreneurs Day, a virtual event co-created with Shark Tank’s Daymond John that shares inspiring stories from influential black celebrities and athletes. It drew in just under 7 million viewers and featured Dwayne Wade, LL Cool J, Gabrielle Union, O’Neal, Chance the Rapper and Questlove.
Medium Rare also partnered with the NAACP to create The Powershift Grant which awarded $250,000 to up-and-coming black entrepreneurs live on the show.
O’Neal continues to make big business moves, even as the sports world is in a quiet period. Stay tuned to ShaqFu Radio for all the latest sports and business-related Shaq-news.