The story of Will Vinton’s Vinton Studios, which found success in the 1980s with commercial hits like the California Raisins, then struggled to keep up with its massive growth before getting sold to Nike CEO Phil Knight:
In the course of two years, a severely mismanaged Vinton Studios blew through more than $7 million in funding, largely due to their unwillingness to scale back the team even more. There was only one hope to salvage the company, and it came with a swoosh.
Farnath, Vinton Studios’ new CEO, approached Phil Knight “with his tail between his legs,” and asked the businessman to put in more money – just a few years after Knight had put up $5 million. This time, Knight had leverage to be a controlling shareholder.