July 8, 2024

Read in Browser [[link removed]]

POWERED BY

News of Skydance Media’s $8 billion–plus deal with Paramount Global is just the start of what will be a lengthy process resulting in big changes for the CBS Sports corporate parent. … Dirty water in the Seine river continues to be an issue for organizers at the Paris Olympics. … NASCAR still believes in Chicago after two rain-marred attempts at holding a street race in the city. … Plus: More on the Stars, Caitlin Clark, NFL Media, and Wimbledon.

— Eric Fisher [[link removed]] and David Rumsey [[link removed]]

Paramount and Skydance Unite: Major Shifts Loom for CBS Sports [[link removed]]

The Columbus Dispatch

Big changes are coming to CBS Sports and parent company Paramount Global. But exactly what those shifts will be and when they will arrive are still critically unanswered questions.

National Amusements, the Shari Redstone family company that controls Paramount Global, said late Sunday that it has reached definite agreement on a merger deal with Skydance Media worth more than $8 billion. The pact marks the latest and the most dramatic turn in a highly watched, back-and-forth saga that has seen the parties previously near [[link removed]] a deal, call it off [[link removed]], and now resurrect it in full—all in the span of about three months.

The deal seeks to bring under one corporate umbrella a media company that has rights to the NFL, half of the men’s March Madness, several top college conferences, and golf’s Masters, among other assets, along with a fast-growing documentary unit behind such projects as the highly popular Kelce on Amazon Prime Video.

Plenty to Work Out

The NFL is also an investor [[link removed]] in Skydance Media. But it’s still only the beginning of what could be more than a year of additional steps to follow before the union is complete and its effects are truly understood. Among the upcoming issues still at play:

There are three major steps to the complex overall transaction. Skydance Investor Group—composed of the billionaire Ellison family and RedBird Capital Partners—will pay $2.4 billion in cash for National Amusements. Paramount Global will then merge with Skydance for $4.5 billion in a cash-and-stock deal, while $1.5 billion in capital will also be added to Paramount’s balance sheet. The newly combined company is valued at about $28 billion. The agreement contains a 45-day “go-shop” period. Paramount’s board of directors now have this window in which they can “actively solicit” alternate bids for the company. Should Paramount receive another, superior offer and take it, Skydance will receive a $400 million breakup fee. Regulatory approvals will likely take a while. Company officials are targeting a closing in the first half of 2025. But the last time a major U.S. broadcast network changed hands—NBC during Comcast’s ’11 acquisition of NBCUniversal—nearly 14 months elapsed between the initial announcement of the deal and approval from the Federal Communications Commission and Department of Justice. Familiar faces will be leading the newly combined entity. The merged Paramount-Skydance will be overseen by David Ellison, Skydance founder, as chairman and CEO, and Jeff Shell, former NBCUniversal CEO, as president. Most recently, Shell has been chairman of RedBird Sports and Media. Significant cost cuts are coming. Even before the deal closing, Paramount said in a company memo that it will move forward on actions such as “streamlining teams, eliminating duplicative functions, and reducing the size of our workforce.” In a call early Monday with investors, Shell said $2 billion in cost efficiencies have been identified, adding that “we’ve got to run these businesses in a different way” amid ongoing media disruption. What They’re Also Saying

As Ellison and Shell laid out to analysts a goal of being a “winner” in streaming, suggesting potential partnerships that would advance bundling already happening [[link removed]] across the industry, the executives additionally said that sports will remain a key part of the merged company.

“It’s a new Paramount, it’s not just a catchphrase,” Shell told investors. “We think it’s going to be a new day for these combined assets.”

Editors’ note: RedBird IMI is an investor in Front Office Sports.

E. Coli Concerns Could Jeopardize Olympic Events: The Backup Plan [[link removed]]

Jerry Lai-USA TODAY Sports

As the start of the Paris Olympics draws near—they’re just 18 days away—signs are pointing to one of the most ambitious ideas of the Summer Games being a bust.

The opening ceremony is set to take place July 26 along the Seine river, with a record 300,000 spectators expected to observe from land. Originally, organizers projected 600,000 fans would be able to watch before slashing the number in half due to security concerns and crowd control. Still, it will be the first opening ceremony outside the main Olympic stadium.

Four days later, that body of water is supposed to host the swimming portion of the men’s individual triathlon event. But unsafe levels of E. coli (bacteria in fecal matter) found in the Seine continue to make the reality of competition happening in the river more uncertain. Swimming during the women’s and mixed relay triathlon are also set for the Seine, as well as men’s and women’s marathon swimming.

Now There’s a Plan B

Previously, Olympic organizers were reluctant to announce a backup plan for those swimming events if the Seine was still deemed unsafe during the Games, only saying the competitions could be delayed if necessary. But now Paris officials have changed their tune.

The reality of not swimming in the Seine during the Olympics has finally been acknowledged. Organizers revealed [[link removed]] that marathon swimming could move to Vaires-sur-Marne Nautical Stadium, which will be hosting canoeing and rowing events. The triathlon, though, could become a duathlon, with the swimming portion simply not taking place at all. Delaying competitions remains an option, too.

Let the Games Begin

The quality of the Seine river is likely to remain a hot issue over the next few weeks. Olympians could force the issue by refusing to compete if they feel unsafe upon arriving in Paris and seeing the water.

The situation represents one of the many larger issues facing the Paris Olympics, including budget concerns [[link removed]], security threats [[link removed]], and disagreements [[link removed]] over prize money.

SPONSORED BY UPPER DECK

Enter Into Connor’s Athlete Archive

Front Office Sports and Upper Deck have joined forces to celebrate the nostalgia of sports, shining a spotlight on the childhood inspirations, career influences, and life milestones of the world’s most notable athletes.

In this episode of Athlete Archives [[link removed]], Connor Bedard shares captivating stories about the key figures—both past and present—who have shaped his journey, from his early playing days to the mentors who continue to inspire him.

Connor’s athletic perseverance, coupled with his cherished memories of hockey and its legendary players, beautifully illustrates the rich history of the game and hints at its future.

Check out the full episode [[link removed]].

LOUD AND CLEAR Third Time’s a Charm?

Mike Dinovo-USA TODAY Sports

“I think likely we’ll be back next year.”

—NASCAR executive Ben Kennedy, on the future of the Cup Series street race in Chicago. Kennedy, who is the great-grandson of NASCAR founder Bill France Sr., made the comments [[link removed]] on SiriusXM radio over the weekend before Sunday’s race was delayed and ultimately cut short due to rain. Alex Bowman (above) won after 58 laps of the planned 75 laps. Last year’s debut event in downtown Chicago suffered a similar fate because of poor weather.

NASCAR has a three-year contract to race in Chicago, but that can be ended six months before the race, according to Fox Sports [[link removed]]. So, a return in 2025 is not guaranteed. Beyond the rain-impacted main event, many NASCAR-sponsored concerts over the weekend struggled [[link removed]] to draw crowds.

STATUS REPORT Two Up, Two Down

The Indianapolis Star

Stars⬆ Immediately on the heels of the NHL team’s split [[link removed]] from Bally Sports parent Diamond Sports Group, the Stars have aligned with media and technology company A Parent Media Co. Inc. in a seven-year deal to create [[link removed]] Victory+, a free, direct-to-consumer streaming service. The Stars’ local games will be shown on the ad-supported Victory+, beginning with the upcoming season, with the team also considering the potential of a small, supplemental local-rights deal at some point with a linear partner.

Caitlin Clark ⬆ In May, nine WNBA games involving the Indiana Fever rookie (above) drew 380% more bets than the average matchup that month, according to a new study from Optimove [[link removed]].

Around the NFL ⬇ The popular podcast hosted by Gregg Rosenthal, Dan Hanzus, and Marc Sessler has been shuttered. It’s the latest cut for NFL Media, which earlier this year laid off [[link removed]] some employees and continues to make changes at NFL Network. Long-running TV show NFL Total Access was canceled, and Good Morning Football is on a hiatus [[link removed]] as it moves from New York to Los Angeles.

Wimbledon ⬇ Attendance during the first week of the tennis Grand Slam was down [[link removed]] by 3.7% from last year. Rain disrupted several days of play in London. Friday’s crowd of 36,630 was the lowest for a first Friday, excluding the COVID-19-restricted 2021 tournament, since 1998.

SPONSORED BY UPPER DECK

Unlock Historic Memorabilia

Upper Deck presents UDA Threads [[link removed]], the definitive jersey and polo mystery box.

Unbox UDA Threads for one autographed jersey or polo featuring your favorite athletes. Be on the lookout for mystery boxes that include Michael Jordan, Wayne Gretzky, Tiger Woods, Stephen Curry, and many more.

These boxes contain autographs from multiple sports including golf, basketball, and hockey. Rare pieces include an autographed 1996–97 Michael Jordan Bulls pinstripes jersey and a 1-of-1 game-used NBA jersey!

Learn more [[link removed]] about UDA Threads Mystery Boxes.

Conversation Starters The Marlins offer English classes to players throughout their organization, and minor leaguer Jesus Hernandez, born in Venezuela, was recently surprised with a locker room celebration by his teammates after passing his English proficiency exam. Check it out [[link removed]]. The $4.7 billion ruling against the NFL could have significant financial consequences for the league, but the greater impact may be in how it changes the NFL’s revenue model, as discussed by former NFL executive Andrew Brandt on Front Office Sports Today. Watch here [[link removed]]. Think you can make a dynasty out of a small school? We’re giving away two copies of the highly anticipated EA Sports College Football 25 video game. Enter here [[link removed]] for a chance to win. See rules here [[link removed]]. Editors’ Picks Stephen A. Smith Could Get a $100 Million Payday, Thanks to Pat McAfee [[link removed]]by Michael McCarthy [[link removed]]Smith has looked like the ultimate team player in contrast to McAfee. Dan Hurley Finally Has New UConn Deal After Dramatic Offseason [[link removed]]by Dennis Young [[link removed]]Hurley is now the second-highest-paid coach in college basketball. NFLPA Report Cards Have Become the ‘Talk of the Locker Room’ Across Pro Sports [[link removed]]by Alex Schiffer [[link removed]]NFLPA report cards have become the ‘talk of the locker room.’ Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Sports Careers [[link removed]] Written by Eric Fisher [[link removed]], David Rumsey [[link removed]] Edited by Matthew Tabeek [[link removed]], Catherine Chen [[link removed]]

If this email was forwarded to you, you can subscribe here [[link removed]].

Update your preferences [link removed] / Unsubscribe [link removed]

Copyright © 2024 Front Office Sports. All rights reserved.

460 Park Avenue South, 7th Floor, New York NY, 10016