business-sports2.625 min read
"NCAA President and DraftKings Stock React to Push for Banning College Prop Bets"
1 year ago•Source: Investor's Business Daily
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3.13 min•1 year ago
"Peter Distad Takes Helm at Disney, Fox, Warner Sports Streaming Venture"
Peter Distad has been named CEO of the sports-focused streaming-video joint venture backed by Disney, Fox, and Warner Bros. Discovery, with plans to create a new streaming hub for sports offerings. The venture aims to attract viewers who don't subscribe to traditional TV services and generate revenue for the corporate parents. Distad, with extensive experience in streaming from his time at Apple and Hulu, will lead the venture in Los Angeles, focusing on building a fan-focused product without competing for sports rights or creating original content.
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"Penn National Gaming Stocks Plummet as ESPN Bet Launch Erodes Profits"
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"Flutter Makes NYSE Debut, Rivaling DraftKings in US Sports Betting Boom"
Flutter, the parent company of FanDuel, has listed on the NYSE as a secondary listing, aiming to challenge DraftKings in the U.S. sports betting market where FanDuel leads in market share. Flutter's move seeks to access deeper capital markets and make itself more accessible to U.S. investors. Analysts believe the listing could be a short-term catalyst for Flutter, with Jefferies estimating a 20% premium to DraftKings' valuation due to FanDuel's sustained market share outperformance. The sports betting industry in the U.S. is estimated to be a $37.5 billion total addressable market.
"Sports Illustrated Faces Major Layoffs as Publisher Revokes License"
The publisher of Sports Illustrated, the iconic sports brand, is planning significant layoffs after its license to use the brand's name was revoked by Authentic Brands Group. The layoffs could affect a significant number, possibly all, of the outlet's staff, including NewsGuild workers. The Arena Group, which operates Sports Illustrated, admitted to failing to make a quarterly payment, leading to the revocation of the license. The future of the publication remains uncertain as negotiations with Authentic Brands Group continue.