July 13, 2023
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Big players in the sports industry are making some big moves.
Fresh off his new contract extension, Bob Iger is showing a willingness to evaluate all his properties to reshape Disney, Michael Rubin is taking Fanatics into yet another new line of business, and Josh Harris is closer to completing his record-setting purchase of the Washington Commanders.
— Eric [[link removed]]
Disney’s Iger Says He’s Open To Selling Major Assets, Stake in ESPN [[link removed]]
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Disney CEO Bob Iger made the company’s strategy for his new contract term abundantly clear: Virtually everything within the company is now up for serious reevaluation.
Armed with a fresh extension [[link removed]] through 2026, Iger told [[link removed].] CNBC on Thursday he is open to a wide range of large-scale shifts at Disney — including selling [[link removed]] part of ESPN to a strategic partner [[link removed]], shedding or spinning off other linear TV networks such as ABC and FX, purchasing the remaining Hulu equity it doesn’t already own, and even pulling back on its movie-production efforts.
The company is in the midst [[link removed]] of shedding 7,000 jobs — about 3% of its global workforce — in a bid to reduce $5.5 billion in costs, a move highlighted by another round of cuts [[link removed]] at ESPN.
Historic levels of cord-cutting by consumers have greatly amplified Iger’s urgency, as nearly 28 million ESPN linear subscribers have left since 2011. Such issues have also compelled Disney to consider [[link removed]] changes to its media business in India.
“The company is facing a lot of challenges, some of them self-inflicted,” Iger said. “We’ve gotten a lot done very quickly, significant cost reductions and significant realignment of the company. But we’re dealing head-on with some of our biggest challenges.”
Iger said he is still “bullish about sports” — unsurprisingly, given how live games dominate U.S. television ratings across all genres. But even there, he stressed discipline.
“It’s a business that we want to stay in, but we’re realistic,” he said.
ESPN declined to comment on Iger’s remarks to CNBC.
Gruden Report Won’t Slow Commanders Sale, Say Sources [[link removed]]
Geoff Burke-USA TODAY Sports
The Washington Commanders are a week away from an official new owner — but fans excited to see Dan Snyder on his way out may be worried in the wake of recent reports.
As NFL governors meet on July 20 to vote on the team’s $6.05 billion sale [[link removed]] to the group led by Josh Harris, the Washington Post wrote [[link removed]] that issues in legal negotiations “threaten to complicate the approval and closing” of the deal.
That report follows ESPN’s story [[link removed]] unveiling new details of how the leaked emails that led to Jon Gruden’s firing from the Las Vegas Raiders contributed to Synder’s downfall.
Despite the rumblings, two sources with knowledge of the situation told Front Office Sports that any issues are expected to be resolved ahead of next Thursday’s vote. An NFL spokesperson declined comment.
Approval Expected
It’s been widely expected that when the sale goes to an official vote, Harris will have no problem surpassing the 24-vote threshold needed for approval.
The Commanders sale process has seen its fair share [[link removed]] of twists and turns — but by this time next week, everything should be history, and the Commanders can move forward under Harris.
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Rubin’s Sports Business March Brings Fanatics Into Live Events [[link removed]]
Fanatics
Fanatics CEO Michael Rubin’s historic march through the sports business is taking another big step — this time into the lucrative world of live events.
On Thursday, Fanatics announced an equity deal with Endeavor-owned IMG to create Fanatics Events, a new live-events business. Majority-owned by Fanatics, the venture will begin with a focus on sports collectibles before broadening through “acquisitions, joint ventures, and new event launches.”
Lance Fensterman was newly hired as CEO of Fanatics Events after a prior role leading pop culture events business ReedPop, which produces major events such as the New York Comic Con. Fensterman is excited to provide “an opportunity to celebrate all aspects of fandom.”
After experiencing a battering during the pandemic, the live events business has rebounded sharply over the past year, with major events like the NFL’s Super Bowl Experience in 2023 drawing some of their largest crowds in years and leagues such as the NBA aggressively creating [[link removed]] new events.
The effort is merely the latest expansion for Fanatics as it continues to grow exponentially beyond its origins in sports merchandising trading cards [[link removed]], international sales, collectibles [[link removed]] auctions, content [[link removed]], and sports betting [[link removed]] — all while building its company valuation to a stratospheric $31 billion.
Most recently, Fanatics fended off a rival bid from DraftKings to complete [[link removed]] its $225 million acquisition of the U.S. assets of PointsBet, a move accelerating [[link removed]] the company’s sportsbook operations.
Conversation Starters SEC commissioner Greg Sankey has agreed [[link removed]] to a contract extension through at least 2028. The 2023 MLB All-Star Game was the least-watched [[link removed]] ever, averaging 7.01 million viewers — but baseball still commands the most viewers [[link removed]] for an all-star game of the Big Four American sports leagues. After Damar Hamlin collapsed on the football field in January, Bills medical staff was by his side within 10 seconds to administer CPR. At Wednesday night’s ESPYs, Hamlin got to present [[link removed]] the Pat Tillman Award For Service to those who helped save his life.
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Editor's Picks Who Could Buy A Piece of ESPN? Here Are Seven Candidates [[link removed]]by Michael McCarthy [[link removed]]
Disney CEO Bob Iger's open to a strategic partner for ESPN.
NCAA Punts On Expanding Men’s March Madness Field [[link removed]]by Amanda Christovich [[link removed]]
The NCAA said an expanded field "is not imminent."
MLB All-Star Game Ratings Slump Continues [[link removed]]by Andrew Cohen [[link removed]]
The game set a new average viewership low of 7.01 million
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