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Tebow to retire as Tebow Promotions CEO

By BILLY CALHOUN/AP Tebow Entertainment, Inc. (NYSE: TEB) announced on Wednesday that it will not be making a bid for Tebow Enterprises’ (TEB) shares.

The company said in a statement that it had reached a tentative agreement with Tebow on Thursday for a non-binding transition period that will be “intended to help Tebow develop his business plan for the transition to a new business model.”

Tebow Entertainment’s parent company, Tebow Productions, Inc., said the move came as a result of discussions it had with the NFLPA.

It said the decision came as part of a new contract signed in November and will be effective immediately.

In a statement, Tebows representatives said the company has no plans to rebrand or otherwise change its branding.

“We are pleased to see the NFL’s continued support of the Tebow brand, which has been the catalyst for tremendous growth and is a cornerstone of our business,” the statement read.

Tebow Enterprises said it expects to be in the market for a new CEO for the next few weeks.

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