Phia, and the Price of the Last Name
Phoebe Gates and Sophia Kianni raised $43.5 million at a $185 million valuation, took nothing from her parents, and then spent 2026 answering for an affiliate scandal.
Staff reporting
Phoebe Gates and Sophia Kianni raised $43.5 million at a $185 million valuation, took nothing from her parents, and then spent 2026 answering for an affiliate scandal.
Seventy acquisitions in six months, on pace past a hundred for the year. For the first time, media companies were the largest category of buyer.
Leila Lewis built an agency for an industry that did not know it needed one. Nearly two decades and 7,000 press placements later, the category she created is standard practice.
Good American, a founding stake in a $5 billion Skims, a book and a podcast. The celebrity-plus-operator model is the default now, and the hard half is the part nobody copies.
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