Playbook

How Boobie Feaster, age 17, became a USC playmaker to watch

Long before he arrived at USC, a couple days shy of his 17th birthday, Ethan “Boobie” Feaster had always been in a hurry to grow up.

He was the baby of the Feaster family, seven years younger than his next youngest sibling. But nothing about his behavior, even as a kid, suggested as much. He was always quiet, calm, determined, seemingly from birth, according to his father, Lee. When Lee Feaster encouraged Boobie at age 8 to write down his goals, and “make ‘em plain,” Boobie took the advice literally. He went straight to his bathroom mirror and copied them down. They’re still written on the bathroom mirror, to this day.

When he was 9, Boobie asked his father to buy him a football poster. Lee came in later to find it attached to the ceiling, above his bed. He asked Boobie why.

“I need it to be the first thing I see when I wake up,” Lee recalled him saying, “and the last thing I see when I go to bed.”

This, needless to say, was not exactly normal behavior for a 9-year-old. But nothing about Boobie Feaster has ever been normal. Least of all the relentless drive that would one day have everyone at USC raving and others around the nation whispering about one of the most anticipated freshman in college football.

Neither is it normal exactly for USC’s offensive-minded coach, Lincoln Riley, to enter into a season so unproven at the receiver position.. With the status of No. 1 receiver Tanook Hines still unclear less than a week out from the season opener, USC will almost certainly have to rely on a group of talented freshman receivers to hit the ground running.

That includes Boobie, who at just 17 years and three months, will be the youngest among them by a wide margin. In fact, he may be the youngest ever to suit up at USC. Feaster is the school’s youngest player dating back to when USC started recording player birth dates.

But talk to those who know Boobie best, and they’ll tell you that age, in his case, is merely a number.

“He’s always been an old soul,” said Kerry Sweeney, the receivers coach at DeSoto High in Texas.

Sweeney met Boobie when he was in the seventh grade. He’d heard about the kid’s stellar football IQ, so he tried to stump him. He asked Feaster, then barely 12, to explain the difference between cover-2 and cover-3 defenses.

Boobie Feaster looks across the field during a youth football game.

Boobie Feaster looks across the field during a youth football game. The USC receiver frequently played against older kids.

(Courtesy of Lee Feaster)

“He knew exactly what it was,” Sweeney said.

What Sweeney didn’t know was that when Lee Feaster, a football coach himself, was studying game film, Boobie was right there with him. He knew a lot more than coverage schemes.

Boobie had also been playing up one — or two even — age levels. In the seventh grade, he started working with a personal receivers coach, David Robinson of D-Rob Sports & Fitness Training. A year later, Robinson had Boobie, as an eighth grader, training with former NFL receivers, such as Dez Bryant, or college receivers on their way to the NFL.

“There was no polish or anything,” Robinson said. “But he was just a natural. Natural speed, natural length, naturally tall.”

But it was his mind that continued to mystify coaches most. Even at a young age, he made sure to concern himself with the minor nuances of the playbook and the receiver position. By the time he debuted as a freshman at DeSoto, coaches already trusted him to run choice routes, which gives the receiver multiple different options based on the defensive alignment.

By the state playoffs that season, Sweeney said that Boobie was already the best receiver on a team that would produce three Division 1 wideouts.

“He was dominating,” Sweeney said, “as a freaking freshman. “

It seemed clear to everyone around him, at that point, that Boobie could handle skipping a season of high school football. So after his sophomore season, Boobie reclassified from the Class of 2027, in which he was recognized as a top-five prospect in the nation, to 2026.

His relationship with USC receivers coach Dennis Simmons was solidified by that point. They’d been introduced when Boobie was in the seventh or eighth grade — and just beginning to blow up on social media. Simmons said he was impressed by Boobie’s maturity.

“He recruited Boobie really hard,” Robinson said. “That relationship is what really kind of jump-started USC as a front-runner.”

USC never relinquished that spot. But Feaster had to wait until he enrolled at USC this summer while the other talented pass-catchers in his class got a head start.

That’s not to say he wasn’t trying to get ahead in other ways.

Boobie Feaster reaches out to catch a pass during his youth training before arriving at USC.

Boobie Feaster reaches out to catch a pass during his youth training before arriving at USC.

(Courtesy of Lee Feaster)

Lee Feaster said that before his son’s arrival at USC, Boobie was obsessing for months over USC’s playbook. He worked flashcards with Robinson and sometimes made his father line up in the street in front of their house just to commit certain plays and alignments to memory.

“Oh, he knew the playbook,” Lee Feaster said. “He knew it before he got there.”

He’s opening eyes at USC practice. During a preseason scrimmage at the Coliseum last week, Boobie burst through a sliver in USC’s defense and took a tunnel screen to the house, reminding in one play exactly why USC’s coaches thought he was ready to contribute at 17.

“He was game-ready,” wideout Terrell Anderson said, “as soon as he came in.”

How quickly he’ll actually influence a game at USC remains to be seen. The Trojans are expected to play several freshmen against San José State on Saturday, and anyone who knows Boobie will tell you it’s only a matter of time before he contributes. After all, after starting in the slot, Feaster took it upon himself to start learning the outside receiver spot.

When Boobie moved to L.A. in May, his father tagged along, just to make sure he got acclimated. His mother came shortly after that.

And they’re reminded sometimes that Feaster is still just a teenager. That he’s still got a lot of growing to do. His goals are still written on his bathroom mirror, to remind him of that every day.

But if the past is any indication, it shouldn’t be long.

“I believe, like three games in, everyone is going to be saying, ‘Who’s this freshman?” Sweeney said. “Who’s this Boobie Feaster?’”

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Bending Spoons’ Playbook: Buy Low—and Hold

How Luca Ferrari’s permanent-capital model is transforming distressed digital brands.

Is it a private equity group with a twist? An “emergency room for critically injured tech companies,” as it was described by the Financial Times? Or is it simply a modern tech conglomerate?

How do you categorize a company that buys aging technology and digital brands—brand names like AOL, Vimeo, Eventbrite, WeTransfer, and more recently, Airtable—far below their peak value, overhauls and radically transforms them with a drastic turnaround, and then keeps them under the same umbrella to invest their profits in new acquisitions?

What it is, is a buy-and-hold investment and management company.

Bending Spoons SpA, an Italian company created in 2013 and recently listed on the Nasdaq, raised $1.68 billion with a total valuation of $18.4 billion and a current market value of $23 billion, and marked a 40% pop on its trading debut. For the second quarter, it reported $704 million in revenue and $177 million in net income, up 126% and 171%, respectively, from the second quarter of 2025.

It follows a highly unusual business model: buying distressed tech companies—or tattered internet businesses—at relatively low valuations, fixing them up through layoffs and reorganization, and then holding them rather than spinning them off or selling them separately to the market, as private equity groups typically do.

Bending Spoons has executed this strategy some 50 times since its creation. Funding for its activities comes from debt and from the profits of the acquired companies: the same ones it bought at low valuations, with seemingly no competition to acquire the brand.

All this was achieved as revenues increased fourfold from $387 million in 2023 to $1.3 billion last year, during which period it made 70% of its acquisitions. Ownership’s financial goal is an annualized return of 25% on invested capital, built on operational earnings alone rather than divestments, synergies between different acquisitions, or headcount reductions.

Meanwhile, debt, which financed 70% of the acquisitions that Bending Spoons made in the first quarter of this year, continues to pile up. In the last reported quarter, total debt was more than four times annualized EBITDA: hovering, in other words, between $4.3 billion and $4.4 billion, with a net debt of nearly $3.7 billion. The Canadian company Constellation Software Inc. has a similar business model, but carries less debt on its books, while Barry Diller’s People Inc.—formerly IAC Inc.—has followed a similar business model.

Luca Ferrari, CEO and one of four co-founders of Bending Spoons, described the model as a “deep transformation” because the acquired brands do not just go through layoffs but undergo radical structural reconstruction. The company’s name, an homage to the movie The Matrix, reflects the founders’ belief that mindset can transform reality, fueling their goal to achieve milestones that others might deem impossible.

In the prospectus for its Nasdaq listing, Bending Spoons mentions 1,000 potential targets. Its latest acquisition, announced this month, is Airtable, a “collaborative work management” software company, for $1.29 billion in cash. That represents a nearly 90% discount over Airtable’s highest valuation in 2021.

“The thesis of what we do,” Ferrari said, “is to integrate these companies very deeply onto our platform and rebuild them almost from the ground up: the technology, the product, the monetization, and big parts of the team. If we don’t see that we can make a big difference, we don’t expect to be able to make an appealing offer.”

A ‘Permanent-Capital Operator In A Tech Wrapper

Bending Spoons is not really a tech company, said Chelsea Michelle, founder of Elevated Business Advisors, who advises founders and family offices on capital strategy and acquisitions: “It is a permanent-capital operator wearing a tech wrapper, and the refusal to sell is the most important line in the model.

“Traditional private equity must manage every acquisition toward an exit multiple, which means dressing assets up for the next buyer. When you never plan to sell, you can optimize purely for cash generation and ignore the story entirely. That is a structural advantage, not a stylistic one.

“The model works because aging digital brands are systematically mispriced; sellers value them on declining top-line while a buyer at Bending Spoons’ scale values durable user bases that cost almost nothing to serve. The real risk is not the buying; it is the integrating. Most acquisitions fail to deliver expected value, and a serial acquirer that holds everything forever has nowhere to hide a bad integration. The integration discipline, not their deal flow, is what investors should watch after the Nasdaq listing.”

In a recent article in Barron’s, Henry Ellenbogen, CIO and managing partner of Durable Capital Partners and an investor in Bending Spoons before the IPO, pointed out an interesting angle on the company’s performance.

“When we first invested, Bending Spoons was making under $500,000 of EBITDA per Spooner, or employee,” he wrote. “Today, EBITDA is more than $1 million per Spooner. That speaks to the investment the company is making in the technology businesses it buys.

“Bending Spoons is centralized. Evernote [a company it acquired in 2023] has fewer than 20 people at the application level. We believe Bending Spoons’ revenue and EBITDA per employee will continue to compound, allowing the company to drive better organic growth and strong operating leverage. The market’s concern about software companies should allow management to buy higher-quality companies that fit its model at attractive prices.”

Currently, only 9% of shares in the company are available for trading, and the owners control the rest with a dual-class share mechanism.

On Wall Street these days, Bending Spoons’ stock gets four hold recommendations from analysts, one overweight, and six buy, but most of the banks it works with were involved in the IPO. Job applications are also strong; 99.9% of the 800,000 applicants for jobs as Spooners—the people running the acquired companies—were rejected.

Beyond the optimism about the stock’s performance and the company’s unusual business model, the future of Bending Spoons is tied to its long-term performance rather than its short- and medium-term performance, and whether its business model can and will be replicated. Time will tell.

Andrea Fiano is the editor-at-large. Contact him at afiano@gfmag.com.

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