Nicole Einbinder and Dakin Campbell of Business Insider write about former CNBC show “The Profit,” which resulted in multiple lawsuits and $11 million in payouts.
Einbinder and Campbell report, “‘The Profit’ first aired in July 2013, part of an attempt by CNBC — NBCUniversal’s business news channel — to find programming for the after-market hours.
“The idea was simple. Lemonis promised to invest his money, often in exchange for an ownership stake, to help revamp small businesses across the country. He would negotiate on-air, handshake agreements with business owners and declare himself ‘100% in charge’ before implementing a slew of changes. If owners expressed doubt, Lemonis and producers told them to ‘trust the process,’ business owners alleged in legal and mediation records.
“The show took off on social media and, within three years, CNBC said it was its most-watched original series telecast with 1.9 million viewers.
“In early 2021, Gerard Fox, a Los Angeles-based litigator with a background in high-profile commercial and entertainment law, sent a series of letters to lawyers at Comcast, the parent company of NBCUniversal. The letters, which have been reviewed by Business Insider and have never previously been reported on, were put together on behalf of dozens of participants on ‘The Profit,’ detailing what they described as their negative experiences with the show.”
Read more here.
