It seems remarkable that only 15 months ago, Maven was founded, after the entire Scout executive team -- including CTO, CFO, COO, independent counsel, Chairman Ross Levinsohn, our banker in mid-acquisition process, plus our veteran engineering team (with Google, Amazon, Yahoo!, MSFT pedigrees) -- resigned in protest after a much-publicized, hostile takeover by Russian investors. This brilliant team has remained together since then, adding great talent along the way, and recently launched an innovative new media network.
We’ve always believed the value of a company resides in its people. While at Scout, our team resuscitated the network and built real value; and after our departure, Scout swiftly collapsed. Rather than looking back, we chose to direct our talent and energy toward a new future with Maven. We retooled and refined the expert-driven network model we invented 20 years ago for sports and are now building 20 non-sports content verticals for Maven, that we believe will be 20 times more valuable.
We expect additional news coverage around Scout and thought we should provide context for Maven stakeholders. It’s this simple: on the eve of a pending, profitable sale, Russian investors took control of the company, causing the entire team to resign. Under their replacement leadership, the company soon collapsed into bankruptcy and now Russian investment partners are suing former Scout Directors and Officers, including several of our founders, in pursuit of insurance money. We believe the claims are without merit, but in bankruptcies, litigation is common. A comforting outcome from this process is that Russian claims against our CEO were confirmed to be false by Scout’s CFO in a published letter.
So, what does this mean for Maven? We believe nothing material, as Maven is not a party to the litigation. But most important to you, the Maven team remains focused on the exciting company we are building today.
The Scout story is a great reminder to investors and partners of just how important leadership and a great team is to the successful outcome of any venture. At Maven, our execution and unity speak for themselves.
And now, back to work. Thank you from the Maven Team!