> For most respects and purposes, Standard Broadcast is the creators on Nebula

Then why shell them into a separate vehicle?

The purpose is to create two tiers of creators. That's fine. Some took a risk. Others didn't. But it's dishonest to then claim one is being transparent when the only reason for this structure, apart from incompetence or convenience, is obfuscation.

It's kind of a historical happenstance. Standard was created first as a company offering support services for creators. Nebula was one of Standard's offerings which grew to be the main thing.

That was my thinking as well and unfortunately the article doesn't go into that direction. For example: Do we know how many creators they have. Do they all have the same contracts and rights or are some of them just (affiliated) "creators".

To put this to an extreme: If only the six owners were creators they could claim 100% goes to the creators without lying.