SoNu Swaps Equity For Endorsements With Mets' Santana, Reyes
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SoNu Beverages Gives Mets' Santana And
Reyes 1% Equity In Exchange For Endorsement |
N.Y.-based SoNu Beverages, a "fledgling enhanced-water company, has swapped equity for endorsements" from Mets P Johan Santana and SS Jose Reyes, according to Natalie Zmuda of AD AGE. Each player's stake "amounts to about 1% of the company," though Peter Greenberg & Associates VP Chris Leible, who reps Santana and Reyes, said that the figure "isn't wholly representational given the nuanced nature of these types of deals." It is the "first time either player has taken equity in a company in exchange for endorsement." Leible: "(Given) the amount of money they're making on the field, a few thousand dollars to take a picture to promote a drink doesn't make a huge difference to them. Whereas more of a partnership idea, where the payoff in the future could be much greater, (that's interesting)." Zmuda notes the arrangement "allows SoNu to funnel its cash into media buys and brand development." SoNu VP/Marketing Kara Schnabel said that the company "expects to spend about $1[M] on its first major campaign," which will feature Santana and Reyes and launch this summer. SoNu is also "working on an equity deal with an Olympic skier." Schnabel said the endorsement with the players "legitimizes the brand." Schnabel: "It's helped us to get new accounts too." Agents said that equity deals "have gained steam in the past year," and are "boosted in part by the multimillion-dollar payouts" received by rapper 50 Cent and Mets 3B David Wright when Vitaminwater was sold to Coca-Cola in '07. PureSport has also "grabbed headlines for its deals with Michael Phelps and three other swimmers." That group "swapped endorsement deals for a reported 5% share in the start-up" (AD AGE, 4/20 issue).
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