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When Stephen A. Smith Signed A $1.3M Contract To Receive His Own ESPN Show, He Retired His Late Mother

Stephen A. Smith’s proudest moment was retiring his late mother. For the host of ESPN’s “First Take,” he has kept his mother in high regards due to her sacrifices raising him with a father he describes as “negligent.” In 2005, Smith was able to reward his mother when he signed a $1.3 million annual contract with ESPN to receive his own show, called “Quite Frankly,” he revealed on the “Hotboxin’ With Mike Tyson” podcast. At the time, his mother had retired as a registered nurse working at Queens General Hospital in New York, NY, but she took on work at the Police Athletic League (PAL) to fund her yearly vacations because she did not have additional earnings outsides of her pension and savings. “My proudest moment to this day was that I drove straight home, and I put it in my book straight shooter, I drove straight from Manhattan to Queens, New York. I walked right in that PAL and I grabbed her by the arm and I said ‘Let’s go,'” Smith expressed on the podcast. “I looked at her boss,...

Samantha Dorisca

May 23, 2024

50 Cent Is Considering Taking Beam Suntory Legal Woes To Congress After Alleging The Company Cost Him $6M

Curtis “50 Cent” Jackson is prepared to take his woes with Suntory Global Spirits to Congress if both parties are not able to come to a mutual agreement soon. According to HipHop DX, the rapper-turned-businessman used his Instagram account to address the company’s decision to change its name from Beam Suntory to Suntory Global Spirits without taking accountability for its alleged wrongdoing toward him and Sire Spirits. “Changing the company name from Beam Suntory to @SuntoryGlobalSpirits without correcting what was done to my brands @bransoncognac and @lecheminduroi doesn’t fix the problem and lacks honor,” 50 Cent said. “ I attempted to resolve the matter, not once, but twice. Now the legal process will play out publicly for everyone to see what really happened and how @SuntoryGlobalSpirits would rather spend millions to protect and conceal criminal conduct instead of doing the right thing.”   View this post on Instagram   A post shared by 50 Cent (@50cent) As previously reported...

Shanique Yates

May 22, 2024

Dwyane Wade Shares How Long It Took Him To Learn How To Manage His NBA Earnings As Someone Who 'Never Really Handled More Than $500 At A Time'

Money management can be a learning curve for many athletes, and this was the case for Dwyane Wade. Wade was drafted to the league in 2003, which is viewed as “one of the greatest draft classes in NBA history,” the league mentions. LeBron James, Carmelo Anthony, and Chris Bosh were also drafted that year. Wade would make his debut with the Miami Heat as the No. 5 overall draft pick, Sports Illustrated reports. He then signed a three-year contract valued at $8.5 million, to The Palm Beach Post. For Wade, being drafted to the league allowed him to overcome the odds that were stacked against him living in the South Side of Chicago, where he would hear gun shots frequently. At one point, he was being raised by his mother who struggled with addiction and would leave him at home for periods of time, according to Business Insider. When he was 9 he eventually moved to a new neighborhood to be with his father, who had divorced his mother. “[My father] was militant,” Wade shared during an...

Samantha Dorisca

May 17, 2024

Chris Paul Was Offered $100K By His Agent When Going To The NBA, But Here's Why His Parents Insisted That He Should Accept $25K

When Chris Paul was drafted to the league he turned down a substantial amount of money. The NBA player had been drafted in 2005 as the No. 4 draft pick by the New Orleans Hornets, Fox News reports. He was just 19 years old at the time. During an interview with Forbes, Paul mentioned he had just $151 in his bank account as a college student at Wake Forest University in Winston-Salem, NC, when he entered the league. One of his earliest actions was to bring on board a financial advisor, which ultimately resulted in him receiving an upfront offer of $100,000. However, his parents interceded, leading Paul to accept nearly a quarter of the initial offer. “My financial advisor who we hired, they said they would send me $100,000 and my parents said, ‘No that’s too much,'” he told Forbes. During an appearance on “The Shop,” he elaborated further stating, “Y ou know what happened? I was at Wake in Winston. I went to the bank right up the street just so I could see what the statement looked...

Samantha Dorisca

May 17, 2024

College Basketball Athlete Great Osobor Transfers To Washington With A Reported $2M In NIL Agreements Already Set

Promising opportunities are on the way for college athlete Great Osobor. ESPN reports Osobor, the Mountain West Conference Player of the Year, has settled on the University of Washington after entering the NCAA transfer portal. The forward previously played for Utah State University and had already expressed interest in moving to Washington after Utah coach Danny Sprinkle was hired on as the school’s newest coach, according to Fox Sports. “I would like to thank God for putting me in this position,” Osobor said, according to ESPN. “Washington will allow me to maximize my potential as a player in my final year of college basketball. Coach [Danny] Sprinkle has been with me every step of the way since I came from England, and I cannot wait to help the Huskies get back to the NCAA tournament.” Osobor’s move also signals a great precedence in the age of name, image, and likeness (NIL) deals. The outlet notes he has agreements, such as marketing assurances, in place that will set his NIL...

Samantha Dorisca

May 14, 2024

Michael Rainey Jr. Shares A Piece Of Financial Advice That He Learned From His Mentor 50 Cent

For almost a decade, Michael Rainey Jr. has been a staple in 50 Cent’s TV reign on Showtime. Following the release of “Power,” the actor went on to star in its spinoff, “Power Book II: Ghost.” As the series is in its fourth and final season, Rainey has recounted his journey of being a part of the successful TV franchise. During an interview on Forbes’ “New Money” podcast, he spoke about how 50 Cent has not only been a mentor to him but also a father figure. Working closely alongside the business mogul and fellow co-stars of the “Power” franchise such as Omari Hardwick and Joseph Sikora, Rainey shared that it served as a time for learning critical skills including how to handle his money responsibly. “I’m still young, so I’m still learning how to manage my money, but I really just take advice from people that are around me,” Rainey said. “Being on ‘Power’ not only changed my life career-wise, but just being on that show, being on set with everybody every day, just being around those...

Ngozi Nwanji

May 14, 2024

Black Homeowners In Detroit, MI, Have Gained Nearly $3B In Home Value, Report Says

A new report has shown celebratory news for Detroit, MI. “The Growth of Housing Wealth in Detroit and its Neighborhoods: 2014-2022,” a study by the University of Michigan Poverty Solutions, has been released showing that Black homeowners in Detroit have “gained $2.8 billion in home value,” per a news release.   View this post on Instagram   A post shared by City of Detroit (@cityofdetroit) Beginning in 2014, the study was conducted after Detroit’s municipal bankruptcy. In July 2013, Detroit became “the largest U.S. city to file for bankruptcy,” per AP News. The news release details that the study had a goal of finding out if the city’s housing values had seen growth across those nine years, and if these improvements had been fairly distributed across Detroit neighborhoods and racial/ethnic groups. With an 94% overall increase in home value, and 80% increase for Black homeowners specifically, since the study started, Detroit Mayor Mike Duggan credits residents stabilizing...

Ngozi Nwanji

Apr 22, 2024

Birdman Says He Still Maintains Full Ownership Of His Masters — 'I Never Allowed None Of The Labels To Own Anything'

Cash Money Records Founder Birdman experienced several losses by the age of 16, and he was determined to steer clear of any losses in the music business. Birdman, born Bryan Christopher Williams, started the label in 1991 alongside his brother Ronald “Slim” Williams, according to BET. They were able to gain traction and had the support of independent distributors such as Gonzales Music and SouthWest Distribution, XXL Magazine reports. Building popularity in the South, the label caught the attention of Universal Records and signed a deal with the company on May 10, 1997, per a Max Volume Media interview Birdman gave. He later discussed the deal during an interview on the “Wilde Ride!” podcast, revealing that he was looking to retain ownership of his music due to his upbringing. “I felt like I lost everything already. I lost my family,” he explained on the podcast. “Nothing can repay me for what I already lost. I lost my mama, my daddy, my brother, my sister… I lived a hell of a life...

Samantha Dorisca

Apr 19, 2024

Richelieu Dennis’ Sundial Media Group, Which Is Home To Essence, Afropunk, And More, Acquires Refinery29

Sundial Media Group is adding another media conglomerate to its portfolio. According to a news release shared with AFROTECH™, Richelieu Dennis’ Sundial Media Group (SMG) has officially acquired Refinery29 (R29), a creative digital media and entertainment platform focusing on multigenerational women. The company previously belonged to the Vice Media umbrella. “We’re very excited about the expansive ecosystem we’re building at Sundial Media Group. R29 is an incredible brand with a phenomenal team that will play an important role in reimagining how media serves the need for connection, culture, and commerce in these distinct, but complementary communities of the New General Market,” said Dennis in a press statement. In addition to the acquisition, it has also been announced that Cory Haik will serve as R29 CEO and the company will operate as a standalone business within SMG. “We’ve been admiring the work of this R29 team for a while, and we’re excited to see what they will now do...

Shanique Yates

Apr 19, 2024

Here's Why Dame Dash's Ownership In Roc-A-Fella Could Be Up For Grabs Within 6 Months

Damon Dash’s shares in record label Roc-A-Fella Records may soon be no more. According to a report by Rolling Stone, despite his estranged relationship with fellow Roc-A-Fella owners — music mogul Shawn “Jay-Z” Carter and Kareem “Biggs” Burke — all have remained connected to the label on paper. However, this could all change soon. The latest development in ownership occurred in February 2024 when “a New York judge ordered Roc-A-Fella Inc. to deliver Dash’s company shares to the US Marshals to satisfy a $823,000 judgment from movie producer Josh Webber and Muddy Water Films.” The judgement was the result of a 2019 lawsuit against Dash led by Webber and the production company, accusing him of defamation and copyright infringement related to the movie, “Dear Frank,” according to Rolling Stone. Dash had been fired as its director and allegedly attempted to sell the movie on his own under a new title, “The List.” Manhattan lawyer Richard Roth of The Roth Law Firm stated that the most...

Shanique Yates

Apr 10, 2024

'They Wanted To Own Us' — Gillie Da King, Wallo267 Reveal They Declined A Multi-Million-Dollar Spotify Deal Because Of Intellectual Property

Not saying yes to the first offer could likely benefit you in the long run. For the “Million Dollaz Worth of Game” podcast hosts, this led to a more favorable business outcome. As previously mentioned by AFROTECH™, Gillie Da King and Wallace Peeples, otherwise known as Wallo267, signed a podcast deal with media company Barstool Sports in 2020. The deal is reportedly worth $3 million for 50% ownership in the show. Two years later, the duo signed a new contract with the company. Wallo267 expressed on an Instagram post, “From the bottom of my heart I want to thank all of y’all for being apart of my journey. 🙏🏾💪🏾cuz @gilliedaking WE DIT IT!” At the time of this writing, the “Million Dollaz Worth of Game” podcast appears to be doing well, garnering 1.53 million subscribers on YouTube. Their guests include some of the biggest names in the business — Alicia Keys, Cardi B, Shaquille O’Neal, and Michael B. Jordan. Unsurprisingly, Barstool Sports was one of many companies interested in securing...

Samantha Dorisca

Apr 9, 2024

Terrence Howard Claims He's Owed $120M From The CAA 'Based On What Would've Been Paid To White Counterparts'

Terrence Howard is set on pushing forward with a legal battle regarding his Hollywood earnings. As previously shared by AFROTECH™, the Oscar-nominated actor filed a lawsuit against the Creative Artists Agency (CAA) in December 2023. Howard claims that the agency prompted him to accept talent fees that were less than what he should’ve received. For starring in the hit TV series, “Empire,” he allegedly earned 30% to 50% less than what he should have earned per episode. “We expect our agents and our lawyers to look after us, and therefore we’re free to do all of the work that you guys enjoy so much,” Howard expressed during a press conference that year. “I trusted CAA to look after me, and they looked after themselves.” During the press conference, Howard noted that he wasn’t entirely certain that the lowball pay was due to a “racial issue.” However, now, he has come forward to not only further address the elephant in the room but also detail what he believes he’s owed. In an interview...

Ngozi Nwanji

Apr 9, 2024

Fat Joe Says He Still Owes Money To His Former Record Label For His 2001 Album — 'I Sold 2 Million Records, Still Ain't Recoup'

Fat Joe has gotten very candid about his view on record labels. During an Instagram Live, the New York rapper elaborated on why he previously told Forbes that he believes record labels are Ponzi schemes. He claimed he noticed a trend where music companies will find talented artists who come from less fortunate backgrounds and fund their music careers. However, Fat Joe emphasized that to him it’s a tactic for record labels to swindle musicians. In addition, he shared how he thought the majority of the time ownership is in the labels’ hands. “Though they make the profit of the records, they charge you whatever they spend on the video,” Fat Joe shared on Instagram Live. “It ain’t like we 50/50 partners.” He added, “You could bring a scientist who wins the Nobel Peace Prize to do the accounting on major labels’ math, and they always can’t figure it out. So it’s robbery, all the way through.”   View this post on Instagram   A post shared by THE HIP-HOP WOLF® (@thehiphopwolf) In short,...

Ngozi Nwanji

Apr 5, 2024

31 Days Of Savings: How No-Spend January Works And Tips To Help You Stay On Track

The latest TikTok challenge taking over our timelines, the #NoSpendJanuary challenge, is a new approach to savings that urges individuals to resist unnecessary spending. Scrolling through the #NoSpendJanuary hashtag, you see a sneak peek into people’s regular spending habits. Although we’re almost through the month, it’s never too late to learn valuable financial lessons and collect helpful resources to mend unhealthy spending habits. It’s not just about the challenge itself, but a space for learning the diverse financial habits of entrepreneurs, business owners, content creators and professional’s financial habits in the new year . Creator of the award-winning “Millennial In Debt” web series, Melissa Jean-Baptiste is a testament to financial wins through a frugal lifestyle . A first-generation Haitian-American, she paid off $102,000 in student loans on simply a teacher’s salary. According to the U.S. Bureau of Labor Statistics, the average American household spent $72,967 in 2022....

Corinne Dorsey

Jan 19, 2024

How Achieving Financial Freedom Unlocks The Real Power Of Your Dollar

This article is sponsored by Marcus by Goldman Sachs. Financial freedom means so much more than feeling free from your expenses. We believe financial freedom is the peace of mind you get from knowing your money is taken care of. When you partner with trusted financial institutions to help your money work for you, you can focus on being the CEO of your life. For the go-getter visionaries who are excited about building personal wealth, digital tools and products from trusted institutions like Marcus by Goldman Sachs can help you get ahead in achieving—and overachieving—your most ambitious goals, financially and personally. No matter the next step in your future, there are tools and tips that can help set you up for financial success so you have more time to focus on other money matters like planning that vacation of your dreams or securing the capital to fund your next venture. Together with Marcus by Goldman Sachs, we wanted to share a few of our favorite tips of the trade to help...

Mahlet Yared

Sep 16, 2022