applfanboysbgon
8 hours ago
> BTW, I approached ABC about buying back the former FiveThirtyEight IP*, and they said they wouldn't sell at any price because I'd criticized their management of the brand.
--Nate Silver (538 founder)
ABC seem pretty petty here.
queuebert
4 hours ago
So Nate & Co sell out to a big corporation then are upset that it does big corporation stuff? I'm more mad at Nate here because 538 was my go-to for political coverage pre-sellout, and because of his greed it went away.
bfung
an hour ago
Just follow the man, not the brand. He’s still doing his thing: https://www.natesilver.net/
dangus
an hour ago
But he kind of sucks and isn’t worth following.
He’s a sellout at heart, including his recent association with Polymarket.
Someone cool would have never sold out a website as good as 538 used to be. Now he’s more interested in profiting off of gamblers.
jimbokun
a few seconds ago
You do realize the person responsible for 538 is the same person?
adjejmxbdjdn
3 hours ago
Whatever you feel about his actions that was at worst it was a win-lose decision. He benefited from it.
If his comment is accurate, then ABC’s decision is a clear lose-lose decision driven entirely by personal spite.
lesuorac
3 hours ago
Honestly is Nate even wrong here?
IIRC, he got to keep all of the models and etc from 538 which is kinda all that mattered about it. Like anybody is really going to lookup the 2016 election in 2030 but they're definitely want the model's output in 2030 for 2030.
Management seems to be clearly inept and if somebody wants to give you a wheelbarrow of cash for something worthless you're generally foolish to not accept.
afavour
40 minutes ago
I don’t think that’s all that mattered. FiveThirtyEight was a strong brand, it was definitely worth something.
alisonatwork
3 hours ago
538 had some decent years through its various sellout phases and imo hit its peak after Nate Silver left - he'd long since exposed himself more as a contrarian than a serious analyst and had become a real detriment to the brand.
It was definitely sad to lose 538 how we did, but G Elliott Morris has really stepped up to continue the spirit on his Strength in Numbers blog. It's the best data-driven US politics reporting out there right now imo. He also contributes to Fifty Plus One with Mary Radcliffe, and that's excellent too, reminiscent of the old 538 polling roundup stuff that went beyond just core US politics. Recently he started a podcast with David Nir of The Downballot, which is another solid resource for lower level races.
wnc3141
2 hours ago
Clare Malone era of FIVE THIRTY EIGHT was among the most serious political journalism out there.
Hnrobert42
2 hours ago
I understand your frustration, but greed? He didn't owe you anything. So what if he cashed out?
returningfory2
4 hours ago
Your annoyance is understandable, but it's worth remembering: he is not your slave. He does not exist to do things for you. His providing you with something good for a time does not obligate him to provide it to you forever. Because he is not your slave.
jaredhansen
4 hours ago
His greed? I can't roll my eyes far enough back.
Build the next one yourself, and run it for as long as you want. Problem solved!
rurp
8 hours ago
Wow. I have a low opinion of ABC as I said in another post, but this level of pettiness is still surprising to me.
brookst
8 hours ago
It’s basically a fuck you to the shareholders. Hey we’ve got this dead asset someone will pay for but we won’t sell because they were mean to us.
Any exec who operates that way should be shown the door ASAP as they are likely doing similar emotional management of other aspects of the business.
SoftTalker
7 hours ago
If they feel it's damaging to have it public, then it could be argued that selling it would be irresponsible. I'm not arguing it is or it isn't, but reputation has value and management of it is part of what shareholders expect.
brookst
3 hours ago
But this isn’t reputation management. This is retribution for past affronts. This action in no way retroactively protects them from what was said.
jakderrida
2 hours ago
I think he's just saying the case they would make to avoid being sued for breaching their fiduciary responsibility. Not that it's the actual reason. But Idk.
Dylan16807
3 hours ago
It's hard to imagine how it could be damaging to ABC to have it public under someone else's brand.
jfengel
7 hours ago
ABC's shareholders are Disney. Whatever Nate offered them isn't even a rounding error in Disney's $36 billion dollars in profits last year. The shareholders aren't going to care.
hibikir
7 hours ago
It's not that a shareholder won't care, but that the modern US company is such a large basket of businesses, it's impossible to put any pressure on a random business unit throwing money away. So, in practice, there's very little pressure to do things right, and a lot of pressure to do what your boss prefers, whether it actually helps the company's profitability or not. There can be negatives if you are doing massive damage to the company's image, but even then, ABC has done more than a little bit of that over the last couple of years to no ill effects. Just ask Kimmel.
brookst
3 hours ago
Hence my point of “if they’re doing this, they are likely making other emotional, anti-shareholder decisions”
lotsofpulp
7 hours ago
Disney's 2025 profit was $12B:
https://www.macrotrends.net/stocks/charts/DIS/disney/net-inc...
margalabargala
3 hours ago
Accuracy is important. Thank you for the correction.
$12B profit is obscenely large.
themafia
7 hours ago
So what amount of profits insulates you from lack of fiduciary responsibility?
"It's okay set millions of dollars on fire because we have billions in this pile over here!"
georgeecollins
3 hours ago
The concept of fiduciary duty is an economic professors fantasy. When the shareholders of WB voted against David Zaslovs extraordinary 800m pay package the board ignored it. That's the "owners" voting to not give a crazy gift to the guy who was CEO for like 3 years and incredibly well paid.
singleshot_
6 hours ago
No, what insulates them from fiduciary responsibility is the fact that there is no fiduciary responsibility to shareholders. I’ll say that again: members and/or managers of an LLC, and officers and directors of a corporation owe no fiduciary responsibility to the shareholders to make them money. The fiduciary duties owed under US law are as follows: 1) the duty to be informed; 2) the duty not to usurp corporate opportunities.
As far as I can tell the fiduciary duty to make money for the shareholders is something that Jack Welsh of GE said enough times that people remembered it. However, I’m always interested in additional details concerning the history of this meme, and happy to learn more.
mminer237
6 hours ago
This is true in some states, like Texas; but not in Delaware where Disney is incorporated and where directors and officers owe fiduciary duties of care and loyalty to both the corporation and the shareholders.
(Not legal advice. I'm not licensed in either state.)
singleshot_
5 hours ago
You are correct to note that there are two fiduciary duties: the duty of care, and the duty of loyalty. However, you are incorrect to imply I stated the law incorrectly.
The duty of care is otherwise known as the duty to be informed. And the duty of loyalty is otherwise known as the duty not to usurp corporate opportunities. I stated the law in Delaware, which is consistent with the law on the rest of the United States on these points.
You and I simply use two different sets of words to describe the only two fiduciary duties of an officer.
triceratops
4 hours ago
None of those mean "duty to make money for the shareholders" though.
singleshot_
6 hours ago
(The first person to observe that an LLC has no shareholders gets a lawyer high five).
themafia
7 hours ago
> shareholders are Disney
Who's shareholders are the public.
> The shareholders aren't going to care
This is not a valid defense in court. You can't let "attitude of investors" override "sound financial decisionmaking."
slipheen
7 hours ago
I'm not defending them or this behaviour but it sounds to me like they may think the message/threat this sends to silence future criticism from other people, outweighs the immediate sum.
(Internally I'm sure they could probably phrase it some other less negative way such as chance of people confusing the brand as still owned by them, etc) association
donkyrf
an hour ago
"I won't sell at any price" reads as an invitation to make a much higher bid.
It seems silly at best to take that as a literal statement.
eugenekolo
8 hours ago
WOuldn't proof of that be some grounds for breach of fiduciary duty?
tptacek
7 hours ago
No. People have weird beliefs about what fiduciary duty means. It does not mean that companies are required at all intervals to maximize revenue or profit.
jasonfarnon
4 hours ago
You must not have spent much time looking at derivative lawsuits if you think this is weird. Anyway if ABC could convincingly classify this as a business decision, e.g., a question of the maintaining goodwill, maybe they're OK. If this came down to some exec feeling personally insulted, like the quote hints, a classic breach of fiduciary duty.
jvanderbot
8 hours ago
Dunno - is protecting yourself from high-profile criticism by doing whatever you want with assets you 100% own and are under no contractual obligation to share ... also in fiduciary duty?
minimaxir
7 hours ago
It is not illegal to be petty during business negotiations.
8note
7 hours ago
the easy argument otherwise would be that if they sold the IP, they wouldnt be able to revive it in the future, and also they would have nate silver as a competitor in the space
umanwizard
an hour ago
Why? Even if the common myth that public company executives must maximize profits at all costs were true, it's easy to construct a plausible explanation for why one might believe in good faith that destroying 538 rather than selling it is the best strategy to maximize profits. For example, because they think the profit they'd lose from 538 competing with their own politics offerings outweighs the amount Silver would pay for it.
nradov
8 hours ago
Nope. There is really no case law to support such a legal theory.
TurdF3rguson
6 hours ago
Just register fivethirtynine.com and don't look back.