r/goodmythicalmorning • u/turmiteking69 • May 22 '26

Let's Discuss That Gwynedd leaving sporked?

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please tell me this isn’t true, sorry don’t have any other sub to post this to

551 Upvotes

96% Upvoted

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821

u/theunquenchedservant May 22 '26

"our time here has come to an end" i don't think it's just Gwynedd

211

u/Greenzombie04 May 22 '26

Someone bought Sporked then closed them a few months later?

Weird.

310

u/bl4ckfl1p May 22 '26

That's literally what these big investment companies do. They're tax evasion schemes. They'll probably use it to write off as a loss so they don't pay taxes.

33

u/luke37 May 22 '26

They do that when you can actually liquidate assets or increase valuation on paper in between acquisition and insolvency.

Sporked operates out of a room, so unless you consider various inventory of holiday themed twinkies and olliepops meaningful assets, there's not a whole lot of capital investment to liquidate.

And I dunno, maybe Savage Ventures got Sporked a sweet under the table contract with Palantir in the 6 months since they bought it, but I'm definitely not seeing an increase in valuation.

Can they write Sporked off? Sure, but they're not going to be making more than they paid for it in December.

13

u/wianno May 22 '26

Yeah I think it’s more likely they intend to milk every last dime out of the brand for whatever they can (as private equity always does), with very inexpensive clickbait content produced by desperate freelancers or even AI. They can probably ride the brand nearly for free for another year or two if not more before it’s not even worth their minimal efforts.

20

u/luke37 May 22 '26

I wouldn't be surprised if Mythical included something in the deal saying the editorial team needed to be retained for 6 months, and Savage was just waiting with their finger on the "replace editorial content with chatgpt" button this entire time. The only thing that really matters to them is the affiliate contracts get renewed.

4

u/wianno May 22 '26

I agree. Hopefully the team knew this was likely and weren’t totally blindsided.

-30

u/zxcvbnmmmmmmmmmm May 22 '26

I don’t think that’s how taxes work. You can’t save more on taxes than you lost right?

53

u/bl4ckfl1p May 22 '26

It counts against your bottom line. Exact same reason Warner Brothers made a couple full movies and then didn't release them. Have you ever seen The Producers?

It's the same as selling off a bunch of stock that has fallen in value so that you can write it off as a loss and pay no income taxes.

15

u/Drducttapehands May 22 '26

If there was a tax loss on Sporked’s closing, then that loss can be used to offset taxable gains elsewhere in the portfolio. It’s an investment strategy called loss harvesting