Yeah, I caught that, too. My take is that Tinney got somebody to absorb the company (and its debt) to keep it afloat. Not sure exactly what "independant subsidiary" means, but I can't help but wonder who got the better end of the deal.
"independent subsidiary" is what we like to call "Press release bullshit". You are independent, or you are a subsidiary. WW is now a subsidiary company. History shows that subsidaries tend to get absorbed into the parent company pretty quickly, if only because the people from the subsidairy who don't fit into the new corporate ethos tend to walk within the first 18 months.
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I can't help but think that Tinney's outsmarted himself this time. We shall see, I suppose.