Academy of Motion Picture Arts and Sciences, Distinctive Assets Reach Agreement on Gift Bags

(Image via Twitter)

Remember the $200,000 gift bag for the Academy Awards that include some, well, interesting, items? The one that turned out to not be associated with the academy at all? Well, after the Academy of Motion Picture Arts and Sciences raised concerns with the creator of the bag, Los Angeles-based Distinctive Assets, damaging its good image, the two parties have reached an amicable resolution. Distinctive Assets' "Everyone Wins" gift bag, which nominees have received for the past 17 years, will continue to find its way to select Oscar hopefuls.

The settlement states that Distinctive Assets and its gift bags have no relationship with the academy or the Academy Awards ceremony, according to a press release. From now on, Distinctive Assets will not use the academy's trademarks in the names, taglines, descriptions or hashtags associated with the gift bags, but it will truthfully state that the bags are intended for Oscar nominees. The company also will provide disclaimers that remind the press that there should be no association between Distinctive Assets' gift bags and the Oscars or the academy.

"I am thrilled that the agreement reached with the academy reflects the intention behind our legendary nominee gift bags, as everyone does, in fact, win as a result—especially future nominees," Lash Fary, founder of Distinctive Assets, said in the press release. "My company's so-called 'swag bag' is no more officially sanctioned by the academy than the gowns and jewels given to nominees to wear on the Oscar[s] red carpet. It is simply one of the dozens of promotions, parties and gift suites that happen throughout Los Angeles to celebrate Hollywood's biggest night."

So, with eye-catching gifts, like a "vampire breast lift" and marijuana vaporizer, in this year's bag, we're looking forward to seeing what Distinctive Assets has in store for next year's event.