Latest news with #LenBlavatnik
Yahoo
20-05-2025
- Entertainment
- Yahoo
Rebel Wilson Escalates Battle With ‘The Deb' Producers in ‘Bizarre Outburst of Jealousy' After Cannes Yacht Party
It was a typical scene in Cannes. On May 16, about 50 people converged on billionaire Len Blavatnik's luxury liner dubbed Odessa II to celebrate his three films premiering at the festival including the provocative Joaquin Phoenix drama 'Eddington.' The guest list included industry heavy hitters like 'Pulp Fiction' producer Lawrence Bender and Access Entertainment president Danny Cohen. As revelers sipped rosé and sampled the luncheon buffet, singer-actress Charlotte MacInnes performed a cover of Chappell Roan's 'Pink Pony Club.' Within hours, Rebel Wilson began posting from the official Instagram account of her upcoming film 'The Deb.' 'Charlotte MacInnes in a culturally inappropriate Indian outfit on Len Blavatnik's luxury yacht in Cannes — ironically singing a song from a movie that will never get released because of her lies and support for the people blocking the film's release,' Wilson wrote. 'So glad you got your record deal Charlotte at the expense of the 300 people who worked on 'The Deb' and really wanna see it released,' she added in a follow-up. The fact that MacInnes is the star of the musical 'The Deb,' which marks Wilson's directorial debut, and Blavatnik financed the movie made the post all the more strange. More from Variety Tony Gatlif's 'Ange,' Starring Singer-Songwriter Arthur H. and Mathieu Amalric, Debuts Trailer Ahead of Cannes Premiere (EXCLUSIVE) Jafar Panahi Makes Triumphant Cannes Return After Prison Release With 'It Was Just an Accident,' Earning Near 8-Minute Ovation 'It Was Just an Accident' Review: Iranian Director Jafar Panahi's Done Being Discreet, Launching an Open Warning to His Oppressors Then again, Wilson has been locked in a legal battle for nearly a year with 'The Deb' producers Amanda Ghost, Gregor Cameron and executive producer Vince Holden, who sued her for defamation after she posted a video on Instagram to her 11 million followers last summer that accused them of 'embezzling funds' from the movie as well as 'absolute viciousness and retaliatory behavior.' Meanwhile, the fate of the feel-good film, which revolves around two girls in a small Australian town who are preparing for a debutante ball, remains in limbo after its Toronto Film Festival debut in September. (Sources on the ground in Cannes say the film had strong interest from distributors and a deal seemed imminent until Wilson began posting, making buyers skittish.) A representative for Wilson says, 'The entire 'Deb' crew is looking forward for the film to finally be shown to the world. Rebel is so proud of this film and in awe of all of the hard work everyone involved put into the creation of her directorial debut.' Some who attended the yacht party were perplexed by how Wilson, who is not in Cannes, obtained footage from a private party hosted by Blavatnik, who has backed such recent films as 'Conclave' and 'The Zone of Interest.' It appears as though the 'Pitch Perfect' star pulled from an Instagram post made by Bender, who is blaming Wilson for sullying what he calls an 'enchanting' performance by MacInnes. 'My only intention was to celebrate this young person's incredible talent. The last thing I expected was for somebody to take this and turn it into something negative,' Bender tells Variety. 'It's just very disappointing.' Over the ensuing days, Wilson continued to post about MacInnes, insisting that the 25-year-old actress received an excessive amount of time in the studio with Ghost, a luxury not afforded to other cast members. She also implied that the relationship between Ghost, who is married to Cameron, and MacInnes was nefarious. (Wilson previously accused Ghost of sexually harassing MacInnes, a claim flatly denied by all parties including the alleged victim.) 'After this session Ghost took MacInnes back to the Bondi Beach Penthouse apartment that they were 'sharing' after Ghost insisted MacInnes live with her despite the film housing all interstate cast members in hotels which is professional standard,' Wilson wrote in a follow-up post from the @thedebfilm handle. A source close to MacInnes says Wilson's post is a manipulative distortion of the truth. 'Charlotte had no more time in the studio than any of the other lead actresses,' the source says, adding that it was MacInnes' agent who coordinated her use of the spare room in the condo where Ghost and her team were staying during a week when the actress, who lived hours away, was not on the production schedule and was not being provided accommodations. At the center of the pitched battle is a dispute over writing and music credits. Wilson wanted a full screenplay credit but was only awarded an 'additional writing by' credit by the Australian Writers Guild. Instead, Hannah Reilly was awarded sole screenplay credit. Ghost, Cameron and Holden said in their initial complaint that Wilson was unhappy with the guild's decision, which was made in early 2024 when the film was in postproduction. 'Since the beginning, this dispute has been about one thing and one thing only: Rebel Wilson's obsession with taking credit where none is deserved, at the great expense of young, talented women, whom she tears down, all the while, masquerading to be their champion,' says attorney Camille Vasquez, who is representing the producers. 'It started with Rebel demanding a writing credit for a film Hannah Reilly wrote and has morphed into a smear campaign. Rebel Wilson is telling on herself — her latest bizarre outburst of jealousy is her confession.' But a source close to Wilson insists that the bad blood stems from a clash of personalities between the 'Bridesmaids' star and Ghost. Up until now, Reilly has remained silent on the matter. But after Wilson's latest salvo, she decided to speak out. 'What should have been a joyous experience — a dream come true — has now been overshadowed by unnecessary drama. It's been a heartbreaking and baffling turn of events,' Reilly tells Variety. Reilly wrote the hit stage musical 'The Deb,' then adapted it for the screen through Wilson's mentoring initiative that was created to support young women in the industry. 'What followed [the Australian Writers' Guild ruling] has been a series of personal attacks and false accusations, most recently targeting Charlotte — who I cast in the original stage production,' Reilly said. 'She's a phenomenal talent and consummate professional who deserves to be celebrated, not dragged into chaos. I've been very reluctant to speak publicly, but I just want the hostility to stop so we can all move forward.' Last year, Wilson filed an anti-SLAPP motion to dismiss the producers' suit against her. But she lost that bid in November, with the judge characterizing the matter as a 'private business dispute' and noting that Wilson never reported the allegations to authorities. 'These statements are not made in the context of an ongoing controversy, dispute, or discussion about 'inappropriate behavior, including sexual harassment, on movie sets,' 'embezzlement from film budgets,' and 'tax fraud,'' the judge wrote. 'Instead, they were made in the context of Wilson's private business dispute with the Plaintiffs.' Wilson's original demand letter, which preceded last summer's scorched-earth posts as well as 'The Deb' producers' subsequent defamation lawsuit, suggests that she would walk away from the matter if conditions were met. 'Wilson was promised, among other things, (1) shared writing credits and (2) a record label deal under Warner Music,' the June 2024 letter stated. (Blavatnik owns Warner Music.) 'Before initiating costly and time-consuming litigation, we are willing to explore the possibility of resolving this matter through informal and amicable means.' Meanwhile, even the shop where MacInnes bought the dress she wore on the yacht has joined the fray. In an Instagram post, One Vintage Designs wrote: 'Dear @rebelwilson, Please take a moment to educate yourself on fashion history. @charlotte_ macinnes is wearing an original 1970s handmade American ensemble, sourced from us at One Vintage-not an 'Indian outfit.' Your attempt to discredit and mislabel a piece rooted in authentic craftsmanship does more than miss the mark-it reveals more about your intentions than the outfit ever could.' As the yacht saga rages, Wilson's efforts outside of 'The Deb' appear to have hit turbulence. 'Juliet & Romeo,' which she toplines opposite 'The White Lotus' star Jason Isaacs, landed in theaters on May 9 with a whimper. The film has earned just $422,126 worldwide to date. In March, Wilson quietly changed agencies from WME to UTA. (MacInnes is represented by WME and signed to Atlantic Records, part of Warner Music Group.) MacInnes isn't the first person Wilson has taken to the mat. The actress, best known for her comedic work in such films as 'Bridesmaids,' previously accused Sacha Baron Cohen of sexual harassment on the set of the 2016 R-rated comedy 'The Brothers Grimsby.' In their amended complaint, the producers of 'The Deb' noted the fact that Wilson's claims about Baron Cohen were removed from her autobiography in some territories. 'Due to these false allegations, portions of [Wilson's] autobiography were redacted when published in the United Kingdom and Australia. Nevertheless, Rebel successfully used the furor around such allegations to promote the sale of her book,' the complaint stated. 'As with this situation, Rebel hypocritically played the victim in order to elicit public sympathy in the hope that it would advance her professional self-interest.' As the legal case plays out, Wilson's recent posts have become the talk of the producer and film financier set in Cannes. Says one financier who is uninvolved with 'The Deb,' 'It's hard enough to open a film without a whole unrelated drama swirling around it.' Best of Variety New Movies Out Now in Theaters: What to See This Week Emmy Predictions: Talk/Scripted Variety Series - The Variety Categories Are Still a Mess; Netflix, Dropout, and 'Hot Ones' Stir Up Buzz Oscars Predictions 2026: 'Sinners' Becomes Early Contender Ahead of Cannes Film Festival
Indian Express
16-05-2025
- Business
- Indian Express
Top 10 cities with most billionaires in 2025: This Indian city ranks #6 globally
Top 10 global cities with the most billionaires in 2025: Where do the world's richest people live? There are over 3,000 billionaires across 78 countries, with a combined net worth of $16.1 trillion. Yet, nearly a quarter of them, worth a total of $3.3 trillion, have chosen to call just ten cities home, according to Forbes' World's Billionaires List 2025. Maintaining its four-year streak (except in 2021, when it was briefly overtaken by Beijing), New York City, popularly known as the Big Apple, continues to top the list in 2025. The Big Apple is home to 123 billionaires with a collective net worth of $759 billion. Moscow, Russia's capital, ranks second with 90 billionaires worth a total of $409 billion, overtaking Hong Kong, which now stands at number three, with 72 billionaires. Hong Kong remains one of three Chinese cities in this year's top 10. In a notable shift, London climbed two spots to claim the fourth position, with 71 billionaires. Access Industries founder Len Blavatnik remains the city's wealthiest resident. Beijing, dubbed the billionaire capital of Asia, rounds out the top five with 68 billionaires, up five from last year. Its richest resident is Lei Jun, co-founder and CEO of Xiaomi, with a net worth of $43.5 billion. San Francisco and Shanghai tie for the eighth rank, each with 58 billionaires. While San Francisco added eight new billionaires, Shanghai welcomed five. Mumbai, India's financial hub and the home base of Mukesh Ambani, ranks sixth in 2025, down two places from last year. The city now hosts 67 billionaires with a combined worth of $349 billion. Among its new entrants are four members of the Doshi family of Waaree Industries, which went public in October. Source: Forbes World's Billionaire List 2025 | Data as of: March 7, 2025 Cherry Gupta is an Assistant Manager - Content at The Indian Express. She is responsible for crafting compelling narratives, uncovering the latest news and developments, and driving engaging content based on data and trends to boost website traffic and audience engagement. One can connect with her on LinkedIn or by mail at ... Read More
Mint
14-05-2025
- Business
- Mint
Chime Financial IPO: San Francisco-based no-fee banking startup files publicly for IPO, listing eyed in June
Chime Financial Inc. filed publicly for an initial public offering, joining a growing number of candidates looking to go public in the brief window before the typical summer lull. The no-fee banking services company disclosed net income of $12.9 million on revenue of $518.7 million for the first three months of 2025. That compares with net income of $15.9 million on revenue of $392 million a year earlier, according to its filing Tuesday with the US Securities and Exchange Commission. The company had filed its IPO plan confidentially last year, Bloomberg News reported. Chime gives users bank-like services via an app, including checking and high-yield savings accounts, though it doesn't operate as a bank itself. Chime instead relies on banking services provided by Bancorp Bank and Stride Bank, it said in the filing. The company had 8.6 million active users as of March 31, 82% more than it had three years earlier, according to the filing. During the year ended March 31, Chime handled $121 billion in transactions. The company's marketing includes a deal with the NBA's Dallas Mavericks for its logo to appear on the team's jerseys. San Francisco-based Chime was valued at $25 billion after raising $750 million in a funding round in 2021, according to an announcement at the time. Tuesday's filing comes as companies resume IPO plans they paused when President Donald Trump's tariff announcements roiled markets in April. The S&P 500 Index has climbed back most of the way since then to its all-time high in February, buoyed by an agreement between the US and China to de-escalate their trade dispute for 90 days. Also on Tuesday, trading and investment platform EToro Group Ltd. is planning to price its IPO, likely above a marketed range, Bloomberg News reported. Earlier, Hinge Health launched its first-time share sale, which could raise as much as $437 million for the company and some of its investors. The timing of Chime's filing sets the company up for a listing as soon as in early June. Chime's largest investors include affiliates of DST Global, Crosslink Capital, Len Blavatnik's Access Industries, General Atlantic, Menlo Ventures, Sino French (Innovation) Fund and Iconiq Strategic Partners, the filing shows. Unlike traditional banks that rely heavily on the interest they earn on customer deposits and account fees, Chime makes most of its revenue from interchange fees on its branded debit and credit credit cards, according to the filing. Founders Chris Britt and Ryan King said in the prospectus that they see growth opportunities as Americans seek to escape paying bank fees. 'Banking remains one of the largest and most analog industries to be disrupted,' they said. 'Like so many other categories, the winner will be a digital-first platform that relentlessly innovates and becomes indispensable in the lives of our customers.' The offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol CHYM.
ABC News
07-05-2025
- Entertainment
- ABC News
The 'Netflix of Sport' just acquired AFL and NRL rights. Meet the curious billionaire behind it all
There's an unorthodox tour bus that used to wind its way through the streets of London, not to Big Ben or Buckingham Palace. Instead, it took passengers past some of the city's most expensive real estate, stopping at the complexes, owned by oligarchs and billionaires. At each stop, the tour guides would explain how the properties' landlords — often people listed among the top 100 richest people in the world — had made their fortunes. London's full of oligarchs, but in Kensington Palace Gardens, you'll find one of, if not the wealthiest of them all: Len Blavatnik. Blavatnik's London residence is situated next door to Kensington Palace. ( Supplied: Stanhope Architecture ) "Number 15, that's his house," the guide says, gesturing toward a grand, gated estate. " He doesn't like to be called an oligarch. " An 1850s mansion reportedly purchased for $415 million, it has 13 bedrooms, nine bathrooms, its own gym, wine cellar, cinema and a unique indoor-outdoor pool. The pool starts inside the house and flows into the garden like something out of a Bond villain's lair. An artist's impression of Sir Len Blavatnik's swimming pool. ( Supplied: Stanhope Gate Architecture ) He once told a captivated audience at Harvard Medical School how Prince William — his neighbour from just across the street — liked to come over and borrow his tennis court from time to time. Blavatnik owns townhouses and villas all around the world — including his own hotel in Miami Beach and the French Riviera — which he can easily scoot off to aboard his Boeing 777 plane or his 74-metre yacht. He's also the proud majority owner of Warner Music, a company that accounts for around one-sixth of recorded music sales worldwide. Lizzo (left) is one of the many artists distributed by Blavatnik's Warner Music, including Madonna, Ed Sheeran, Coldplay, and Bruno Mars. ( Getty: Stefanie Keenan ) He owns a number of different investments through his private company, Access Industries, including shares in LyondellBasell, a global chemical giant, Clal Industries, an Israeli company involved in tech and construction, and Opendoor, a house-flipping website. He's also backed hit stage productions like Hamilton and award-winning films like The Zone of Interest. Over the past decade, Blavatnik has been working towards his dream of creating the 'Netflix of Sport' through his sports streaming service, DAZN (pronounced 'Da-Zone'). Today, it's becoming a major player in the global sports scene, with around 20 million paid subscribers and 300 million monthly users across more than 200 countries. DAZN has bought the rights to many boxing events around the world. ( Getty: David Fitzgerald ) DAZN promotes itself as both the "undisputed home of boxing" and the "home of European football", but, much like Blavatnik's appetite for real estate, two homes are never enough. Over the past five years, the platform has been on a mission to bring in more sports, in more regions. It secured international rights to major events and leagues, including the NFL (outside the US and China), FIBA Basketball World Cup, PGA Tour, LIV Golf, Rally TV, and Formula 1. Now that Blavatnik is adding the broadcasting rights to the NRL and AFL through Foxtel — Australia's two most iconic homegrown sports — it raises the question: how do these fit into DAZN's bigger global game plan? Do they have a place in its push to become a go-to platform for international sports streaming? And what's next for Australia's most prized sports content? Sir Len Blavatnik casts a long shadow over the world's media industry but isn't a household name in Australia. ( Getty: Msrk Robinson ) For someone with such a vast global footprint, the man remains almost completely opaque. There are no official or authorised biographies and he's given virtually no in-depth interviews about himself. Instead, a handful of journalists over his decades-long career have tried to piece together his story, uncovering fragments of his life as they went. When Background Briefing put some questions to him, his answer came back on the letterhead of one of Australia's most well-known defamation lawyers. So, how do you begin to decipher the enigma that is Sir Leonard Blavatnik? First, you need to understand how he climbed into the ranks of the world's 30-something richest people. Before the first billion Blavatnik's yacht, the Odessa II, is named after his birthplace. Born in the ancient port city in Soviet Ukraine in 1957, he actually grew up in Yaroslavl, a historic city a few hours north of Moscow. He went on to attend the Russian University of Transport. That's because Blavatnik wasn't able to get into the Moscow State University due to systemic anti-Semitism, according to Tim Dzaidko, a former editor-in-chief of Forbes Russia. "Like many Jews in the Soviet Union, he had trouble getting into the main universities. Even if you are an excellent student, they could deny you," he told Background Briefing. Blavatnik knew Vekselberg from when they were both at Moscow's University of Railway Engineering. ( Wikipedia: ) Blavatnik emigrated to New York City when he was 21, where he got an IT job at Macy's department store, and did a master's degree at Columbia. By 1986, he had become a naturalised US citizen with his own investment company, Access Industries, through which he would eventually make much of his fortune. "Len was very much a man of the world, even back then," one long-standing business partner told the Financial Times. "He had been educated in the US, he understood money and international finance as if it were second nature." Then, in the late 1980s, Blavatnik's life changed after he bumped into an old friend. "One of my classmates [in Russia] kind of asked me to come back," he later told an audience at Harvard. "I was in a good situation where I already had made some money and I had some time." Any Russian could acquire shares in enterprises that had been owned by the state, with vouchers like this. ( Wikipedia / ) The Soviet Union was collapsing, state assets were being privatised and Blavatnik's former classmate, now fellow oligarch, Viktor Vekselberg, was reading the tea leaves: Russia was open for business and there was money to be made. It was enough to draw Blavatnik back, although he's quick to clarify to the Harvard audience, "I never moved back, I spent a few weeks, a month". Blavatnik and Vekselberg began capitalising on the privatisation of the aluminium business, buying smelters and acquiring assets that were being auctioned off. Planting a stake in the early aluminium industry of post-Soviet Russia wasn't easy. It was hyper-competitive and, alongside businessmen like Blavatnik and his partners, it also attracted organised crime. "You had people settling business disputes using bazookas, you know, in the middle of the city," ABC's former Moscow correspondent, Monica Attard, recalls of the time. " There were murders left, right, and centre to settle business scores. You had buildings being firebombed, cars blowing up, so it was really the Wild West. " There is no suggestion Blavatnik was involved in these types of violent business practices. The businessmen emerged unscathed and with an impressive market share. Viktor Vekselberg would later tell the Financial Times this was the period where Blavatnik made the bulk of his fortune. "He made his money [in Russia], almost all his money here, and then just made investments outside," he explained. "All his main money, he made here in Russia, with me." A spokesperson for Access Industries denied that claim. "It's a fact Mr Blavatnik has made multiple fortunes over the course of his career and far more in the West than in Russia," they said, adding that the break-up of the Soviet Union created substantial wealth for "scores of Western businessmen". "It was a risky time for investors, and at the same time, Western economists and governments supported the privatisation policies to end state control of assets and increase private ownership, thereby promoting capitalism and preventing the resurgence of communism," they said. In any case, Vekselberg and Blavatnik built an empire together and eventually teamed up with a member of Boris Yeltsin's inner circle, Mikhail Fridman, to form Access, Alfa, Renova (AAR), each with an equal share in the company. Vekselberg (right) would go on to become one of Russia's most rich and powerful men. Pictured here with Vladimir Putin and fellow oligarch Oleg Deripaska (left). ( Getty: Konstantin Zavrazhin ) In 1997, they all got into the oil industry. The businessmen acquired a 40 per cent stake in the state-owned Tyumen Oil Company (TNK) in Siberia for a bargain price. The tender process was widely criticised and eventually, Russia's state auditor found that although AAR was the highest bidder, it paid far less for TNK than what it was worth. That audit went on to say that government officials responsible for the TNK tender also violated Russian law: AAR should not have been given the contract as it was controlled by foreign legal entities. Russian analysts would later express concerns about how cosy things appeared between those designing the government tender and those who won it; some noted the tender conditions closely matched assets already controlled by AAR. Not long after the sale went through, the official in charge of the tender was hired as an executive for TNK. Within six years, TNK was fully controlled by AAR and the company was valued at over $24 billion. TNK-BP would become one of the 10 largest oil manufacturers in the world. ( Getty: Sergey V Butorin ) BP bought into the company, and together they formed TNK-BP. The merger created one of Russia's largest oil producers and turned Blavatnik and his associates into very wealthy men. " They were heroes for us," recalls Maxim Barskiy, the former CEO of TNK-BP. "The guys who made billions from nothing. " Maxim remembers Blavatnik as charming, polite, and easygoing. A consummate professional with deep strategic connections in the West. "Very thorough, very detail-oriented, no emotions." He rarely saw Blavatnik around the TNK-BP offices. "He would just come to board meetings [from abroad]," Barskiy says, "to collect his dividends." The corporate conflict Post-Soviet optimism began to fade in the 2000s as Vladimir Putin rose to power and relations between Russia and the West grew increasingly tense. The merger between TNK and BP, once hailed as a landmark partnership, also began to fray. Instead of collaboration, the two sides found themselves locked in a battle for control of the company. The British and Russian sides of the business became very hostile. On March 19, 2008, Russian security services raided TNK-BP's offices. The headquarters of TNK-BP in Moscow were raided by Russian authorities. ( Getty: Andrey Rudakov ) Ilya Zaslavskiy, a TNK-BP employee who was arrested a week before the raids, believes that his arrest was connected to the probe Russia's Interior Ministry was conducting into the company. "I was accused of being a spy," he claimed. " I felt like it was absolutely unfair, a massive fabrication." Ilya says he wasn't permitted to leave the country, he and his family were placed under surveillance and routinely had to appear in court for two years. Eventually, he was charged with corporate espionage. He believes his arrest was directly tied to what he describes as a coordinated campaign of harassment by the Russian government, part of a broader effort to intimidate the British side of the TNK-BP joint venture. "They were attacking the company on multiple fronts. Back tax claims, labour inspections, environmental claims, apparently wrong salaries and wrong visas for Brits and Americans," he said. BP executives alleged the Kremlin was waging an 'intolerable' campaign of pressure against them. At the peak of hostilities, the CEO was managing the company from an undisclosed location, reportedly because he no longer felt safe — not even at BP's headquarters in London or in his own home. BP executives alleged the Kremlin was waging a campaign of pressure against them. ( Reuters: Maxim Shemetov ) Leaked US embassy cables revealed that BP's own defence lawyer suspected the Kremlin was behind the attacks. That same lawyer also raised questions about whether the Kremlin was waging the campaign to benefit AAR, the consortium co-founded by Len Blavatnik and his business associates. However, other leaked US cables from the time speculate about a range of other possible explanations, including that the Kremlin was trying to drive down the share price for a Russian competitor or that the Russian government wanted to punish the British-owned company BP for political reasons. They also note that Blavatnik had a limited operational role in the company and a seemingly good relationship with BP managers. A spokesperson from Access Industries said in a statement that neither he, nor his company engaged "the Russian government or Russian authorities to act on their behalf and did not engage in corruption with the Russian government or Russian authorities for their benefit". AAR has also strenuously denied these allegations in the past. Several years later, in 2012, Russia's largest oil producer, Rosneft, struck a deal with TNK-BP to buy the company for $85 billion, the largest corporate transaction in Russian history. Blavatnik and his associates banked approximately $10 billion each. Once you account for his aluminium endeavours too, Blavatnik walked away with an incredible fortune — likely the largest ever pulled out of Russia by any foreign investor. The oligarch hunt Over the following decade, the global environment for businessmen in Russia changed dramatically. After Russia's annexation of Crimea in 2014 and its full-scale invasion of Ukraine in 2022, several of Blavatnik's former associates, including Mikhail Fridman and Viktor Vekselberg, were hit with Western sanctions. Vekselberg's yacht, Tango, was seized, and Fridman's London home was raided. Many of their global assets remain frozen. Blavatnik's neighbour, Roman Abramovich, was also targeted. He hasn't been able to return to his $180 million mansion in Kensington Palace Gardens — it's been closed off, even to cleaners. Abramovich moved his superyacht to the safe haven of Turkiye after Russian elites had their assets frozen by western governments. ( Getty: Sabri Kesen ) Other former associates of Blavatnik, such as Oleg Deripaska, Petyr Aven, and German Khan, were also sanctioned by Western governments. Many of the sanctions placed on his business associates — some of whom deny any links to the Russian president — were intended to prevent oligarchs from benefiting from their proximity to the Kremlin and to indirectly pressure the Russian government by targeting its influential supporters. In December 2023, Ukrainian President Volodymyr Zelensky imposed sanctions on Blavatnik, which aren't set to expire until 2033. But his name has not appeared on any Western sanctions lists. During a debate in the House of Commons last October, the UK minister for state was asked by one of his own government's backbenchers about the department's assessment on sanctioning Blavatnik in light of Ukraine's sanctions. The minister declined to comment. A spokesperson for Access Industries said the Security Service of Ukraine has not explained why Blavatnik was sanctioned. Blavatnik owns real estate all over the world, like this building on Manhattan's East 64th Street. ( Wikipedia: ) "Regarding the Ukrainian sanctions against Mr Blavatnik, they are not only unwarranted, but no rationale has ever been given for his sudden inclusion by the Ukrainian government," they explained. David Lingelbach is a professor of entrepreneurship and an oligarch researcher from the University of Baltimore. He says Blavatnik's perceived distance from Russia in his politics, business dealings and identity is important. "The absence of proximity is what has made him less likely to be a target for sanctions," he said. Blavatnik holds dual US-UK citizenship and has never held Russian citizenship, having left the Soviet Union in 1978, before the Russian Federation became a state. Blavatnik says that he has entirely divested of any Russian assets and that he has never been close with Vladimir Putin. Blavatnik isn't a fan of being called an 'oligarch'. "It is false, defamatory and malicious to label him an oligarch," an Access Industry spokesperson told the ABC, adding that they think it falsely connects Blavatnik to the Russian regime. Professor Lingelbach said the definition of 'oligarch' was broader than that and could apply beyond Russia. "Blavatnik is an oligarch. An oligarch is somebody who has significant wealth, or power, and uses one of those instruments to acquire the other. Blavatnik is clearly very wealthy and power-wise, his power is of the same general sort that Rupert Murdoch has. It's called: agenda-setting power. " He's maybe one of the most clever oligarchs of them all. He has a really strong indirect influence on a lot of people. " Despite attempts to shed the label in the press, the moniker has stuck. Giveth and taketh away In recent years, Blavatnik has forged a reputation as a philanthropist. However, his donations have in some cases courted controversy from critics who saw them as an exercise in reputation management. By his own claims, Blavatnik has donated over $1 billion to charitable causes, especially in the arts, education, and science. Previous donations to Oxford raised controversy after critics penned an open letter urging the university to reconsider its acceptance, citing concerns with his political donations, relationships with now-sanctioned businessmen, and the deals with Russian government corporations from which Blavatnik profited. The Tate Modern gallery in London, one the largest museums of contemporary art in the world, named a building in Blavatnik's honour. ( Getty: Mike Kemp ) For his part, Blavatnik says his philanthropy is motivated by "his belief that advancing innovation, discovery, and creativity is key to improving the human condition." He's funded everything from scholarship programs for IDF soldiers, to awards ceremonies for science students. He's donated hundreds of millions of dollars to Yale, Harvard, and Oxford universities, even setting up the $330m Blavatnik School of Government which, amongst other classes, offers courses on public policy, cyber security and corruption. In recognition of his extraordinary generosity, Queen Elizabeth awarded him a knighthood. "I had a reunion of my [Russian] college friends," Blavatnik would later tell a room of scientists at Harvard. " Nobody asked questions about business or anything, but they all wanted to know about the knighthood, about the queen. " His giving extends to politics as well. Blavatnik has contributed to Rishi Sunak's Conservative Party, Donald Trump's inauguration fund, and also made donations to Democratic Party candidates in the US. "I think fundamentally it's about legitimacy," Professor Lingelbach said. "He works as a philanthropist. To subtly shape debates about various topics." The Blavatnik Institute at Harvard Medical School. ( Getty: Plexi Images/GHI/UCG/Universal Images Group ) In 2023, Sir Blavatnik paused donations to Harvard University, over dissatisfaction with how the institution handled alleged antisemitism during pro-Palestinian campus protests. "In some ways, the withholding of philanthropic resources as a political statement, is more powerful than the giving of the money in the first place," Lingelbach said. An Access Industries spokesperson said Blavatnik was waiting for action from university leadership, and believes Harvard has since made progress in how it addresses antisemitism and has reinstated some funding. Later that same year, he was named in a Washington Post investigation as a participant in a private group chat of US billionaires and business leaders who were discussing ways to shape public opinion on the war in Gaza. Within that group, Blavatnik reportedly encouraged members to donate to New York Mayor Eric Adams's re-election campaign, praising Adams for his strong stance against antisemitism, particularly in relation to Eric Adams's response to pro-Palestinian protests on campus at Columbia University. An Access Industries spokesperson explained that Blavatnik was concerned about rising antisemitism and lawlessness on campus. This influence has only grown further as he made a late career change to a media tycoon. The billionaire is regularly photographed rubbing shoulders with Hollywood movie stars and iconic musicians. Blavatnik's companies have financed many films, including Rebel Wilson's The Deb. ( Getty: Christopher Polk ) One of Blavatnik's biggest triumphs is Warner Music Group, which he acquired in 2011 for $5 billion at a time of deep uncertainty in the entertainment industry. Since then, he's transformed it into a powerhouse now valued at nearly six times that amount. He bought into the UK arm of Mel Gibson's production studio, and a large stake in a Russian film and TV production studio called Amedia. While these media ventures provide the billionaire with a degree of cultural clout, they aren't all without controversy. Foxtel isn't Blavatnik's first TV purchase In 2015, Len Blavatnik purchased a controlling stake in Israel's Channel 13. At the time, it appeared to be a straightforward media investment. The broadcaster was struggling financially, and Blavatnik — who already owned a cement factory in Israel — seemed to be expanding his local business interests. But Blavatnik's motives were soon questioned after his relationship with Israeli Prime Minister Benjamin Netanyahu came to light. Netanyahu, currently on trial for fraud, breach of trust, and bribery, was accused of attempting to manipulate media coverage in his favour. Israeli newspaper Haaretz reported that police interviewed both men during the probe. Blavatnik was not the target of the investigation and he has not been accused of any wrongdoing. Instead, investigators were looking into Netanyahu's dealings with a different businessman and in the end, no charges were laid in relation to that matter. Blavatnik denies editorial involvement in Israel's Channel 13. ( Getty: Vuk Valcic ) According to Haaretz, Netanyahu told investigators that he personally asked Blavatnik to buy Channel 13, saying: ''Change the channel, because it's an awful channel … This is a national mission, even though you are going to make money.'" Blavatnik allegedly did not deny the claim. The political controversy peaked when a former right-wing politician was appointed to a senior editorial role at the station, prompting a revolt from Channel 13 journalists. Staff held an emergency meeting and escalated the matter to the Israeli Supreme Court. Before a ruling could be issued, the network's board reversed the appointment. Last year, protesters gathered out the front of the Blavatnik Building in London's Tate Modern, accusing the billionaire of cancelling programs on Channel 13 that criticised Israel's war in Gaza. ( Getty: Vuk Valcic ) According to journalist and press freedom advocate Anat Saragusti, the backlash from inside the station was swift but effective. "They decided to cancel this nomination. So this politician stepped down. Now they have a new editor-in-chief who's very qualified for the job," she said. So why did Blavatnik get involved in the deal at all? Saragusti believes it came down to power. "When somebody buys a media platform, it means that he wants to have influence on political decision-making, and he wants to have power," she said. " But suddenly he found himself in the midst of a political storm. " In April, Blavatnik announced he was divesting 74 per cent of the company. In a statement to the ABC, a spokesperson for Access Industries said, "Mr Blavatnik has never been involved in the channel's editorial decisions and believes a free press is critical for democracy." "We want to be unequivocally clear that Mr Blavatnik and Prime Minister Netanyahu have not been in communication for many years and are not friends." From media mogul to streaming giant The news business might not be for Blavatnik anymore, but sport remains an enduring interest. The billionaire bought into the sports streaming business back in 2007 by acquiring the Perform Group and developing it into a consumer-facing platform, DAZN. By the time he started buying up sports rights, the major American and European players had already locked down the most valuable assets, such as the NBA and NFL in the US, and the English Premier League in the UK. Making him a relative latecomer to the sports broadcasting industry. DAZN has rights to numerous soccer leagues, including Saudi Pro League. ( Getty: Mark Robinson ) When Foxtel was up for grabs, it might've been hard for Blavatnik to pass on the opportunity to add a few more sports to his catalogue in a tight global market. Foxtel has no other satellite TV competitor, a steady cash flow from 1.2 million subscribers — some paying up to $140 for the product — and it's in a country with a long history of sports obsession. But where Foxtel will really compete is with its streaming service, Kayo. DAZN launched with the ambition to become the "Netflix of Sport," but since then, Netflix itself has entered the sports rights arena, alongside Amazon, YouTube, and Stan. These new players are creating a hyper-competitive environment. In 2025 alone, streaming platforms are projected to spend nearly $20 billion on sports rights, up from $15 billion in 2024, accounting for 20 per cent of all global sports content spending. What was once a contest between legacy broadcasters has evolved into a dizzying fragmentation of streaming services. Rather than TV channels holding exclusive rights to an entire sport, they're now divided. Netflix has been making in-roads into the sport streaming industry. ( Getty: Brett Carlsen ) Take the NFL. Last year, Netflix bought the rights to show one live game on Christmas Day annually. Amazon now holds the exclusive rights to 'Thursday Night Football' games. CBS and FOX have Sunday afternoon games. But NBC has Sunday night games. And on Monday nights, you'll need to watch the game on ESPN/ABC. Across the year, to watch every NFL game live, you could need up to five different streaming services. This year, Australia got its own glimpse of that, with AFL's Saturday football moving exclusively behind a paywall. Viewers are now required to have a Foxtel or Kayo subscription to watch the games live. For Victoria and Tasmania, that's all year round; for the rest of the country, viewers can watch Saturday games on free-to-air after round nine. AFL games on Saturdays are now behind a paywall. ( Getty: Michael WIlson ) Steve Molk, a media industry commentator, believes the country is at a critical juncture. "If people are passionate enough about their sport and passionate enough about not paying for it, the horse has almost bolted," he said. Blavatnik's lieutenants will soon enter into negotiations with the NRL for their broadcast rights beyond 2028. How that deal progresses could be a sign of things to come and Molk thinks you could see parts of the viewing broken down into parts. "State of Origin could get sold as a block to a streamer. Not exclusively, but in parallel with Nine," he says. Australia's TV landscape is far more centralised than the US and, in part, that's due to Canberra's anti-siphoning laws that give free-to-air television channels first dibs on any broadcaster rights. The real shifts lay further down the track as more and more people aren't connecting TV antennas or watching free-to-air. That could lead to a scenario where broadcasters with lower ratings get to bid first but they won't have the same commercial firepower or the ability to monetise a sport as effectively. Negotiations are underway to secure the next NRL rights deal. ( Getty: Ezra Shaw ) "Australia is a piece of the puzzle for Len Blavatnik, in wanting to make sure that he broadens his influence, broadens the opportunity to have bragging rights as much as anything else, to say, DAZN is everywhere," Molk said. "And if they can build a proposition where they've got people that they can charge a premium to watch these games. Then why would you not?" It remains to be seen how this will affect Australian consumers' back pocket. For instance, in 2022, DAZN was streaming Bundesliga and UEFA Champions League for German audiences, and then — with one week's notice — announced a 100 per cent price increase from $25 to $50 In the past five years, Kayo has comparatively increased only 40 per cent. As the NRL negotiations continue, Australian sport executives will be keeping an eye on how things are unfolding in France. There, DAZN is embroiled in a financial and legal dispute with the top football league, Ligue 1, just one year into a four-year, $2.8 billion media rights deal. In response, DAZN has withheld payments, blaming poor support from the league to promote their coverage and fight digital piracy. Streaming and broadcast revenue is critical for local leagues, and the fallout has reportedly plunged Ligue 1 clubs into crisis, leaving them unable to set budgets for the upcoming season. Glenn Dyer, a media business analyst with over 50 years' experience, thinks they need to avoid repeating that in Australia. "If they don't come to a truce soon, this is a real blunder from DAZN," he said. "In the time since they signed in November, DAZN has had a shocker in France. If they face issues with subscriber numbers here, Foxtel/DAZN will be under pressure to avoid a similar situation with NRL and AFL." The oligarch's new sport In the meantime, Blavatnik's sights are most likely set on balancing the books at DAZN, which over the past five years have been in the red. Blavatnik alone has invested almost $7 billion in the company. In 2023, he put in an extra $827 million to support DAZN's expansion efforts. Blavatnik may be "the most clever oligarch of them all", Lingelbach says. ( Getty: Variety ) It's investing heavily in sports betting integration, particularly through DAZN Bet, which includes in-play betting options. The service has launched in several European markets, including Germany, Italy, Spain, and the United Kingdom. (While Australian law does not prohibit streaming platforms from offering in-app betting services, live, in-play sports betting via the internet is illegal in Australia, so punters have to bet over the phone during a game). Locally there is belt-tightening underway. Last week, Foxtel confirmed a round of job cuts had commenced. "Our teams have had the difficult task of speaking with a number of highly skilled and highly valued people that will leave the Foxtel Group," a group spokesperson said. "We are grateful to every team member that has helped us grow the business and put us in the position of strength we are in today." DAZN might not be out of the red just yet, but profitability is looking a lot closer thanks to a major cash injection from SURJ Sports Investments — a division of Saudi Arabia's Public Investment Fund (PIF) — which recently acquired a 10 per cent stake in the company, reportedly valued at over $1.5 billion. Only a month or two earlier, DAZN finalised a deal with FIFA to exclusively broadcast all 63 matches of the 2025 Club World Cup. FIFA's 2025 Club World Cup will only be available on DAZN. ( Getty: Filippo Alfero ) Glenn Dyer thinks Blavatnik's entry in the Australian market is a wise one. "I think he's got a longer game." He believes DAZN has its sights set on landing the broadcast rights for the 2034 FIFA World Cup in Saudi Arabia. They may not score the rights exclusively, but it would solidify the brand as a global rights player, and Foxtel could become a critical pawn in the play. "They provide cash flow," Dyer said. "If you're going to pay a large amount of money to the Saudis, you need to be able to service that debt. You can repay it later or restructure it, but you need financial evidence, proof that you've got assets that can generate real cash." And in Dyer's view, those assets are the viewers. "It'll be the Australian subscribers, Kayo, Binge, regular Foxtel households, even the 240,000 commercial premises, clubs and pubs. That's what DAZN will lean on to help finance the ambition it has for its future," he said. "DAZN is still in the starting blocks, only time will tell as to whether they'll emerge as a winner in the race for global streaming rights."
Boston Globe
07-05-2025
- Business
- Boston Globe
Harvard needs its big donors now more than ever. But some are wary of the school's standoff with Trump.
Harvard's alumni span the political spectrum, and donations have surged since the university said it would stand up to the Trump administration, which has frozen $2.2 billion in federal funding for what it says is egregious campus antisemitism. Advertisement But some major donors, including those with buildings named after them on the hallowed campus, have been frustrated with the university's response, according to interviews with donors and administrators. They feel Harvard should make a deal, not pitch a fight, and worry that the fallout could damage an institution they love — as demonstrated yet again Monday when the White House declared Harvard would Related : Some, too, quietly support some of the changes the White House is pushing regarding antisemitism on campus and viewpoint diversity, even if they feel President Trump's tactics go way too far. In recent days, announced Advertisement Over the past year, even before Trump's demands, the university has also stiffened speech, and formed task forces to study antisemitism, Islamophobia, and the environment for open dialogue. Jewish students and staff members at Harvard who've voiced worry about antisemitism have said the campus Related : The changes seem to be resonating with some of Harvard's biggest patrons. Len Blavatnik, a Ukrainian-born billionaire who has long been a prominent donor, had paused his donations due to concerns about campus antisemitism amid Israel's war in Gaza. But he recently altered that stance, a spokesperson said, releasing 'a portion of his funding,' to support scholarships at Harvard Business School, the new American Repertory Theatre under construction in Allston, and several research projects. Contruction in progress of the new American Reperatory Theatre in Harvard property in Allston. John Tlumacki/Globe Staff 'Although the pace of change is not as fast as many people would have liked, he believes Harvard is moving in the right direction and that the Trump administration should give them more time,' the spokesperson said. Advertisement Likewise, Peter Malkin, a real estate investor, former Harvard overseer, and namesake of the Malkin Athletic Center, said that while the federal demands are 'overreaching and excessive,' he viewed Harvard's moves to centralize discipline and to end funding for affinity graduation ceremonies as 'another step forward.' 'Hopefully president [Alan] Garber with support from the Corporation will continue his program of reforming Harvard, disregarding the federal intervention and doing what is correct and best for Harvard,' Malkin, who has been critical of Harvard and the Corporation, said in an interview with the Globe. 'Hopefully Harvard will win in court on not permitting that kind of governmental interference in independent colleges and universities, and certainly in reinstituting the grants for scientific and medical research, which really have nothing to do with antisemitism.' The Malkin Athletic Center on Harvard's Allston campus. John Tlumacki/Globe Staff Still, some donors question the school's tactics. Garber has heard from several high-profile donors worried that Harvard seriously misstepped by choosing to fight instead of negotiating with the Trump administration, said one Harvard administrator who asked for anonymity to speak candidly. Many saw the government's asks as overreaching but believed the correct way to deal with Trump was to find common ground and continue to negotiate. Now, the university is turning to donors, including those who wanted to see Harvard negotiate with Trump, for help amid the federal funding freeze. Related : Jeff Sklar, a senior finance executive and adviser to many prominent business leaders with Harvard ties, said his phone began to blow up during a Zoom meeting Garber held with alumni last week. It was text messages from fellow Harvard Business School alums frustrated that the call centered more on Harvard's finances than on measures to address antisemitism. Advertisement He said that many alumni feel as though Garber and the Corporation have a fiduciary obligation to Harvard's larger community of alumni, donors, and other stakeholders. 'I love the school, particularly the Harvard Business School,' Sklar said. 'But I don't want [Garber] to over-assert himself and burn the school to the ground.' In a post on X not long after Harvard refused to comply with the Trump administration's demands, hedge fund billionaire and outspoken Harvard critic Bill Ackman put his interpretation of his alma mater's defiance even more bluntly. 'Apparently @Harvard prefers to euthanize research animals and cut scientific research rather than eliminate its enormous bureaucracy, shut down its racist and illegal DEI programs, and cut back funding for gender and Marxist studies,' he wrote. Bill Ackman, founder and CEO of Pershing Square Capital Management, has been an outspoken critic of Harvard University. PATRICK T. FALLON/AFP via Getty Images (A Harvard scientist told the And some donors still seethe over what they view as festering antisemitism on campus. Antony Gordon, a graduate of Harvard Law School and donor based in Southern California, said he believes that Harvard would have reacted differently to concerns about discrimination by other groups, and that the problem of campus antisemitism is urgent. 'To get the attention' of Harvard leaders, he said, 'you have to hit them where it hurts on the financial side.' Related : In the wake of Gaza protests last year, business school alum Jeremy Freedman withdrew a planned seven-figure gift to Harvard from his will. Last week, he said he wants the White House to do everything in its power to push Harvard to fight antisemitism. Advertisement 'I'm delighted that the Trump administration is whacking [Harvard] over the head with a massive 2x4 because nothing else gets Harvard's attention,' Freedman said. 'I hope they lose every nickel of federal funding and the lawsuits against them are massively successful.' Garber, who is Jewish, Harvard University president Alan Garber, at last year's Commencement. Craig F. Walker/Globe Staff 'We have done a lot to improve our ability to address these problems over the past year and a half,' Related : Some prominent donors are in fact delighted by the university's defiance in the face of Trump's demands. If anything, said Paul Buttenweiser, a prominent donor and former member of the Harvard Board of Overseers, the fight has unified many in the Harvard community. 'I think everybody wanted President Garber to take the stance that he did in his letter,' Buttenweiser said.'I know a lot of people who were critical of Harvard on both sides of its stance last year. That's completely changed, I don't know anybody who's sour on Harvard today.' And many donors, said former Harvard President Larry Summers, sit somewhere in the middle. They want to see 'substantial change, without capitulation.' Advertisement 'Most of the big donors think that the Trump administration's ask was a massive overreach,' Summers said. 'You can't have the government applying a review of who's going to be appointed to faculty committees. You can't have litmus tests for hiring.' Those demands — anathema to a university that's older than the United States — are a big reason the fight got so intense so quickly, observers say. Many Harvard donors understand that, and also recognize that yielding to Trump would have only invite more demands. But they worry that Harvard's decision to fight could spiral. Harvard is standing on its ideals, said Larry Ladd, a former budget officer at the school and now a financing expert at the Association of Governing Boards of Universities and Colleges. And even major donors only have so much sway over those. 'These donors are accustomed to a single source of ownership, such as shareholders. They are accustomed to money being the primary driver of decisions,' he said. 'For Harvard, the primary accountability isn't to money but to mission.' Eliot House at Harvard University. David L. Ryan/Globe Staff Hilary Burns can be reached at
