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Stock impact report

Fyre Festival 2 flames out as Billy McFarland puts brand up for sale: ‘I need to step back' [Los Angeles Times (CA)]

Netflix, Inc. (NFLX) 
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Now, Fyre Festival 2 is indefinitely postponed (shocker) and McFarland seeks to distance himself from the event, putting the Fyre brand up for sale. “This brand is bigger than any one person and bigger than what I'm able to lead on my own,” McFarland said Wednesday in a statement shared to the Fyre Festival website and Instagram page “It's a movement. And it deserves a team with the scale, experience, and infrastructure to realize its potential,” McFarland said. “We have decided the best way to accomplish our goals is to sell the FYRE Festival brand ... to an operator that can fully realize its vision.?” McFarland announced his decision to step away from Fyre two months after declaring in February that “Fyre Festival 2 is real” and was set to come to Isla Mujeres in the Mexican Caribbean from May 30 to June 2. At the time, he said he saw the Mexico event as a “second chance.” The first iteration of McFarland's Fyre Festival in 2017 advertised two weekends of a luxury music even Show less Read more
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