OT: The AGT Winner $1 Million Payout Scam

@gmail.com Zob

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Sep 18, 2015, 4:59:44 AM9/18/15

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I just read once again on Forbes that (as we already knew) the winner
of America's Got Talent doesn't really win a million dollars. What
they actually receive is a 40-year annuity of $25K/year before taxes.
This really stinks to high Heaven with all the buildup they do. It's
essentially dishonest to intentionally lead the public to believe that
the prize is a million dollars, implied every week by Nick Cannon that
they get a check for $1M. Yes, if the winner actually lives 40 years
they will get a million dollars before taxes. But they were probably
making more than $25K/year before they entered the AGT competition so
in 40 years they would end up with more money doing their regular job.

What made me think about this again is that I just read on the Daily
Beast website that Howard Stern was being paid $15million a season to
judge AGT. I can only imagine what Heidi Klum, Howie Mandel and Mel B
are being paid. Do you suppose that they get their salaries spread
out over a 40 year annuity? Hah!

My point obviously being that if NBC can afford to pay the judges'
exorbitantly huge salaries, surely they could -- and should -- at the
very least give the winning talent an actual check for $1M.
--

Zob

Ryan

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Sep 18, 2015, 8:23:18 AM9/18/15

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On Fri, 18 Sep 2015 04:59:38 -0400, Zob <zobva1 @ gmail.com> wrote:

>I just read once again on Forbes that (as we already knew) the winner
>of America's Got Talent doesn't really win a million dollars. What
>they actually receive is a 40-year annuity of $25K/year before taxes.

>This really stinks to high Heaven with all the buildup they do. It's
>essentially dishonest to intentionally lead the public to believe that
>the prize is a million dollars, implied every week by Nick Cannon that
>they get a check for $1M.

They never said nor implied that the contestants gets a million dollar
check. I am sure that contestants are informed of this pay out so that
they know what they are getting into. They choose whether to accept
this and compete or not.

> Yes, if the winner actually lives 40 years
>they will get a million dollars before taxes. But they were probably
>making more than $25K/year before they entered the AGT competition so
>in 40 years they would end up with more money doing their regular job.

So what? No one forces them to compete with these terms. And it seems
like they have no problem getting lots of talent to perform. In any
case the show gives them wide public exposure so that even if they
don't win, they might be given an opportunity to be very successful.
Just look at Jackie Evancho who came in second but as a result of the
exposure became a very successful recording artist making millions.

>
>What made me think about this again is that I just read on the Daily
>Beast website that Howard Stern was being paid $15million a season to
>judge AGT. I can only imagine what Heidi Klum, Howie Mandel and Mel B
>are being paid. Do you suppose that they get their salaries spread
>out over a 40 year annuity? Hah!

A little envious Zob? At least they *work* for their money unlike some
who sit on their ass collecting disability even though the reason they
are not working is because they got their ass fired.

>
>My point obviously being that if NBC can afford to pay the judges'
>exorbitantly huge salaries, surely they could -- and should -- at the
>very least give the winning talent an actual check for $1M.

If you are so unhappy with NBC why don't you stop watching them?

The real scam is all the individuals who are defrauding the government
by claiming bogus disability. In case you did not know, next year the
Social Security disability fund run out of money because of all the
fraudulent claims. So next year there are going to be major cuts in
disability payments meaning those who really cannot work at all and
need the money are going to get screwed.

Ryan
-------------------------------------------
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2006 American Idol Bragging Rights Champion

Nancy Dooley

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Sep 18, 2015, 8:59:08 AM9/18/15

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Zob, the winner MAY get an additional single substantial payment for their promised
single Vegas appearance, and they likely will win big in the end with a
long-term contract, like Fador, if they are any good.

I am pleased for some of the others who competed, because of the exposure
in this TV show, they will have some benefit in the form of future
bookings, although they may not amount to a lot of financial security.

N.

UCLAN

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Sep 18, 2015, 1:30:39 PM9/18/15

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40 year annuities are the normal payout for large amounts of prize money.
It's been that way for a long time.

Nancy Dooley

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Sep 18, 2015, 1:43:38 PM9/18/15

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I thought 20 years was the usual annuity...I think many lottery
Winnings are twenty years.

N.

Cheri

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Sep 18, 2015, 3:13:14 PM9/18/15

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"Nancy Dooley" <ellor...@gmail.com> wrote in message
news:60730e55-b515-4798...@googlegroups.com...

>I thought 20 years was the usual annuity...I think many lottery
> Winnings are twenty years.
>
> N.

Here you have a choice, lump sum which is about half, or payout over 20
years.

Cheri

Nancy Dooley

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Sep 18, 2015, 8:15:19 PM9/18/15

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Yes, Cheri, those payout choices are the same here. Most winners take a lump sum.

N.

darkst...@gmail.com

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Sep 18, 2015, 8:36:41 PM9/18/15

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Most of these shows now do this, and it's bullshit.

But it's common practice across the board.

Mike

Cheri

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Sep 19, 2015, 1:37:08 AM9/19/15

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"Nancy Dooley" <ellor...@gmail.com> wrote in message

news:3e5497cc-e9e6-4085...@googlegroups.com...

> Yes, Cheri, those payout choices are the same here. Most winners take a
> lump sum.
>
> N.

I know I would. Time is short at my age. :-)

Cheri

Ron

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Sep 19, 2015, 9:51:34 AM9/19/15

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On 9/18/2015 8:36 PM, darkst...@gmail.com wrote:
> Most of these shows now do this, and it's bullshit.
>
> But it's common practice across the board.

Survivor doesn't. Big Brother doesn't.

Giggles

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Sep 19, 2015, 3:36:46 PM9/19/15

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40 years?! Damn! I wonder if there is any way they can cash it in and get maybe a half million? On the other hand, knowing you'll have $25,000 a year to live on for 40 years gives them a safety net in case their continued efforts to pursue their career doesn't pan out. If they live really cheap, they can afford to keep trying. 40 years seems too extreme though. They should have made it a 20 year annuity. The bad thing for them is the leeches will think they actually have a million dollars in the bank. They should throw in financial and mental counseling with these winnings so they can handle everything that comes with winning big.

vinn...@gmail.com

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Aug 10, 2017, 7:09:16 PM8/10/17

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Yes what a crock of bullshit!! These talented people should get the entire $ 1,000,000 immediately upon winning AGT. Older contestants who win will probably never see their full payout over 40 years!! How deceptive and cheap of NBC (or is it Simon Cowell), a corporation that profits enormously off of this most popular show - those executives should be ashamed of themselves!! Welcome to corrupt Capitalism at its worst!!

Vince

Larc

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Aug 10, 2017, 9:15:05 PM8/10/17

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On Thu, 10 Aug 2017 16:09:14 -0700 (PDT), vinn...@gmail.com wrote:

| Yes what a crock of bullshit!! These talented people should get the entire $ 1,000,000 immediately upon winning AGT. Older contestants who win will probably never see their full payout over 40 years!! How deceptive and cheap of NBC (or is it Simon Cowell), a corporation that profits enormously off of this most popular show - those executives should be ashamed of themselves!! Welcome to corrupt Capitalism at its worst!!
|
| Vince

A primary goal of most of these shows is to enrich the judges and screw the
contestants. They try to make $1M sound like a big deal, but that's peanuts compared
to what each judge gets for a season. And on top of everything else, the show will
likely lay claim to a portion of the winner's (and maybe all the finalists') earnings
for at least a couple of years after the season has ended.

Larc

Zob

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Aug 11, 2017, 1:30:19 AM8/11/17

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On Thu, 10 Aug 2017 16:09:14 -0700 (PDT), vinn...@gmail.com wrote:

>Yes what a crock of bullshit!! These talented people should get the entire $ 1,000,000 immediately upon winning AGT. Older contestants who win will probably never see their full payout over 40 years!! How deceptive and cheap of NBC (or is it Simon Cowell), a corporation that profits enormously off of this most popular show - those executives should be ashamed of themselves!! Welcome to corrupt Capitalism at its worst!!
>
>Vince

All true. But if the winner is truly talented and something Americans
want to see, the real value is in the television exposure to millions
of people.
Terry Fator, for instance, soon after his win signed a deal for $1.5M
for just nine shows from January through March in 2008. Then he
entered a six year, $100M contract with the Hotel Mirage where he did
his ventriloquist act from 2008 through 2013.
His net worth is currently reported as being $115M according to
various sources.

So while I agree with you to a large extent that AGT is really
misleading in its claim of "a million dollar prize" (It's really a
$25,000 prize for 40 years), don't feel too sorry for the winner
unless they really aren't talented. And by the same token I bet there
have been a lot of "losers" in the finals who have gone on to earn
more than many of the winners.