Prince Harry and Meghan Markle restructure Archewell Foundation

Zoom in: Under the new structure, the organization will maintain its tax-exempt status and adopt a fiscal sponsorship model, which allows the outsourcing of back-office functions while giving Archewell the flexibility to incubate or fund initiatives without setting up new nonprofits.

• This model will also allow the Duke and Duchess to do more philanthropic work globally by reducing administrative overhead and speeding up how money moves.

Catch up quick: The organization, named after the couple's eldest child Archie, was launched in 2020 as a social impact vehicle focusing on mental health and digital wellbeing.

• According to the latest filings, the foundation gave its largest grants to organizations like Women's Wellness Space, NAACP Empowerment Programs, Inc., and the Markup News, Inc.

Between the lines: The foundation exists separately from Archewell Productions, which is a for-profit entity that houses the Duke and Duchess' media ventures.

• The couple signed a $20 million with Spotify in 2020 that ended in 2023.

• They signed a separate five-year deal with Netflix — reportedly valued at over $100 million — in 2020, but that deal was reportedly not renewed.
• The pair this week announced a new project where they will produce an adaptation of the book "The Wedding Date" for the streamer.

What to watch: The Sussexes could expand their work further by investing in values-based companies or startups through a fund.

• The Duke of Sussex has historically prioritized companies that align with his personal values around mental health, like BetterUp.

More on Axios:

• Prince Harry and Meghan's Netflix deal shrinks