Comcast Rejected Funding Days Before Doomed Fyre Festival
ByThe media giant almost gave the company $25 million for its app. Now employees want answers, after the disaster in the Bahamas.
In the days before the Fyre Festival collapsed into chaos on the Bahamian island of Great Exuma, the venture capital arm of media giant Comcast Corp. opted not to invest as much as $25 million in the event’s organizer, Fyre Media Inc., according to a person familiar with the negotiations.
Comcast Ventures decided that, following a due diligence review and the failure of Fyre to provide crucial financial information, the product didn’t have the necessary technical capabilities to justify funding, said the person, who requested anonymity because they weren’t authorized to speak publicly. Additionally, the VC firm found that, after speaking to Fyre employees, the huge branding event for the company—the festival that famously imploded last week—wasn’t organized in a fashion that was likely to succeed, the person said…
Comcast Rejected Funding Days Before Doomed Fyre Festival
