In the days leading up to the disastrous Fyre Festival — where hundreds of would-be partiers were stranded on an island in the Bahamas without food or shelter after being promised a music festival — Comcast elected not to fund its parent company, Fyre Media, Bloomberg reported, citing an anonymous source.
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Comcast nearly invested millions in the doomed Fyre Festival's parent company
The company that put on the Fyre Festival nearly got a large chunk of change from Comcast's venture arm.
A still from the Fire Festival's promotional video.
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Comcast was interested in funding Fyre, an on-demand booking app for celebrities. But a due diligence review
Comcast also concluded
According to the Bloomberg report, Fyre founder Billy McFarland told employees Comcast invested $20 million in the app company but a Comcast employee said it never invested anything. Negotiations between the two did get far enough for Comcast's venture arm to submit a term sheet.
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The deal between Comcast and Fyre was called off just days before the doomed festival.
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