August 9, 2024
Read in Browser [[link removed]]
POWERED BY
Good morning! As the Olympics head into their final weekend, Nike hopes for a big boost from its star athletes, while NBCUniversal anticipates strong viewership. We explore the pivotal moments that could make or break this closing chapter in Paris.
— Colin Salao [[link removed]] and David Rumsey [[link removed]]
Final Act: High-Stakes Olympic Showdowns, Nike’s Redemption [[link removed]]
John David Mercer-USA TODAY Sports
The Olympics come to a close on Sunday, but several major competitions this weekend have ramifications in the medal tally—and for brands.
The men’s basketball final Sunday is the most high-profile of the remaining contests. The U.S. will look to secure its fifth straight gold medal after escaping a scare from Serbia in the semifinals. A subplot in its championship game against France is that LeBron James (above), Kevin Durant, and Steph Curry—three of basketball’s brightest stars this century—face Victor Wembanyama, 20, a top candidate to be the sport’s next torch-bearer [[link removed]].
The U.S. women’s basketball team plays its semifinal game on Friday, but barring an upset from Australia, it should be competing for its eighth consecutive gold on Saturday.
The U.S. women’s soccer team faces Brazil for gold on Saturday morning as it looks to reclaim its dominance after falling short in the last two Olympics. On the men’s side, Spain looks to beat the French team to win gold less than a month after it won the UEFA Euro 2024.
Other major events during the final Olympic weekend include women’s golf, men’s and women’s volleyball, and the men’s and women’s marathon.
Nike’s Winning Formula
The Swoosh has had a rough year, dealing with job cuts [[link removed]] and a stock decline of more than 30%.
Nike is banking on its Olympic athletes to reinvigorate [[link removed]] brand value, and it launched the “Winning Isn’t for Everyone” campaign before the Olympics to highlight its biggest stars. The Games didn’t start flawlessly for the brand, with names like Sha’Carri Richardson and Carlos Alcaraz falling just short of winning gold.
But Nike could be in store for a massive weekend. It’s already secured the men’s basketball crown—with either James and Durant or Wembanyama taking home the gold. A win for the U.S. women’s basketball team will highlight A’ja Wilson [[link removed]], who has been its best player so far, and is set to launch her signature shoe in 2025.
Other Nike athletes who could be in line for gold include U.S. women’s soccer’s Sophia Smith, World No. 1 golfer Nelly Korda, who is chasing a second consecutive gold medal, and Eliud Kipchoge, who, at 39, is looking to be the first marathoner to win three consecutive gold medals.
NBCU Wins, Too
Viewership for the Paris Olympics has been stellar for NBCUniversal, even with the caveat of its new format for measuring [[link removed]] viewership, which combines the prime-time viewership in France and the U.S.
The first weekend of the Olympics had an average of 34.5 million viewers during prime time, which NBC said [[link removed]] is up 79% from the Tokyo Games. And with the number of U.S. teams and athletes still in competition this weekend—and the closing ceremony on Sunday—NBCU should expect another strong weekend of viewership.
In 2014, NBCU renewed [[link removed]] its rights deal for both the Summer and Winter Games through 2032 for $7.65 billion.
U.S. Track and Field Stars Reap Rewards (and Cash) in Paris [[link removed]]
Andrew Nelles-USA TODAY Sports
Team USA has been cashing in at the first Olympics with a new financial incentive [[link removed]] for track and field athletes—and they may not be done yet.
In Paris, governing body World Athletics is handing out a total of $2.4 million to winners of the 48 track and field events. That’s $50,000 per gold medal. As events concluded Thursday, U.S. Olympians had won nine gold medals in athletics—including various sprints, distance runs, and a hurdle, as well as a long jump, discus throw, and shot put. At the Tokyo Olympics, the U.S. won seven gold medals in athletics.
On Friday and Saturday, Team USA is favored to win gold medals in even more track and field events like the men’s 4×400-meter relay and the women’s 4×100-meter relay. Gold-medal-winning relay teams split the $50,000 that World Athletics awards them.
Plenty to Go Around
The U.S. stars with the greatest earning potential off the track have been Gabby Thomas [[link removed]] (above), who won her first Olympic gold medal in the women’s 200-meter sprint, and Noah Lyles [[link removed]], who won the men’s 100-meter sprint and then bronze in the men’s 200 meters despite testing positive for COVID-19.
Overall, Team USA has won 27 medals in track and field events, already more than the 26 from Tokyo. Separately from the World Athletics monetary bonuses, the U.S. pays all of its Olympians $37,500 for gold medals, $22,500 for silver, and $15,000 for bronze.
SPONSORED BY CHAMPS SPORTS
Soccer Sport Styles
From footwear shaped by soccer to apparel and accessories inspired by it, Champs Sports [[link removed]] is the destination for styles that look as good on the field as they do beyond it.
Adidas Sambas [[link removed]]. Soccer tops. Tiro Pants. Champs Sports has you covered with a must-have lineup that embodies the culture of soccer [[link removed]]. Grab the looks that are right for you and show your love for the iconic sport from wherever.
Don’t just watch soccer; wear it with Champs Sports’ selection of sport styles. Find them in store or online [[link removed]].
FRONT OFFICE SPORTS TODAY WBD’s Fallout
FOS illustration
A rough earnings report has raised the temperature on Warner Bros. Discovery as it seeks to remain a major sports destination. Front Office Sports newsletter writer David Rumsey joins the show to discuss WBD’s latest troubles and what could be next for the TNT parent company.
🎧 Watch, listen, and subscribe on Apple [[link removed]], Spotify [[link removed]], and YouTube [[link removed]].
ONE BIG FIG More Bad News for Cable
Shutterstock
$15 billion
Combined amount of write-downs announced this week between Paramount Global and Warner Bros. Discovery. Both companies reported quarterly earnings in recent days and put a much lower value on their cable TV businesses. WBD, which is suing the NBA over losing [[link removed]] the league’s media rights, dropped [[link removed]] its cable valuation by $9 billion, and Paramount, also the parent company of CBS Sports, lowered its own by $6 billion.
Meanwhile, Paramount announced it would be eliminating 15% of its U.S. workforce, roughly 2,000 jobs. It’s currently unknown whether CBS Sports employees will be impacted by the layoffs.
SPONSORED BY CHAMPS SPORTS
Saudi Arabia does not have any competition to host the 2034 World Cup, but that isn’t stopping the nation from pulling out all the stops in its bid. The Middle Eastern nation submitted its formal bid to FIFA in Paris last week, and it includes plans to construct 11 new stadiums.
Check out [[link removed]] the Summer of Soccer hub to read the full article and stay up to date on all the action.
Conversation Starters Sydney McLaughlin-Levrone broke her own world record in the women’s 400-meter hurdles, adding to an impressive résumé [[link removed]] that includes three Olympic gold medals. Letsile Tebogo defeated Americans Kenny Bednarek and Noah Lyles in the 200-meter sprint to give Botswana its first [[link removed]] gold medal. Five NFL teams have stadium plans worth at least $1 billion, including three that have already been approved. Take a look [[link removed]]. Editors’ Picks Mets Business President: MLB Has Not Marketed Its Stars Enough [[link removed]]by Alex Schiffer [[link removed]]Scott Havens says there are only two “faces of baseball.” CrossFit Athlete Dies in Texas Swimming Competition [[link removed]]by Alex Schiffer [[link removed]]The rest of Thursday’s competition was canceled. What Does ‘Inside the NBA’ Look Like Without the NBA? [[link removed]]by Michael McCarthy [[link removed]]TNT is keeping the band together. Now what? Question of the Day
Have you canceled your cable TV subscription?
Yes [[link removed]] No [[link removed]]
Thursday’s result: 75% of respondents think taxpayer dollars should not be used to help fund NFL stadiums.
Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Video [[link removed]] Podcast [[link removed]] Sports Careers [[link removed]] Written by Colin Salao [[link removed]], David Rumsey [[link removed]] Edited by Or Moyal [[link removed]], 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
