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Afternoon Edition

January 29, 2025

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Super Bowl commercials are a phenomenon, with companies spending months of planning (and profits) to convey their best possible message. This year, Fox saw a few companies drop out close to the game. In a stroke of good fortune, however, the company ended up making even more money. We tell you how.

— Eric Fisher [[link removed]], David Rumsey [[link removed]], and Colin Salao [[link removed]]

NFL Viewership May Be Slipping, but Super Bowl Still a Hot Commodity [[link removed]]

Denny Medley-Imagn Images

Even in a season of declining viewership for the NFL, Fox is reaching unprecedented levels for Super Bowl LIX advertising sales.

The network has sold roughly a dozen 30-second ad units for at least $8 million each, according to industry sources and multiple reports. That’s a record level that builds meaningfully off prior sales for the game hovering around $7 million per unit.

In November, company CEO and executive chair Lachlan Murdoch said Fox was “already sold out and at record pricing,” [[link removed]] for Super Bowl LIX, a highlight of a solid quarterly earnings report [[link removed]]. Since then, however, a larger-than-normal number of ad buyers have dropped out of the game—including insurance company State Farm, which bowed out amid the recent wildfires [[link removed]] in Southern California. That, in turn, has helped allow Fox to resell that recaptured ad inventory at even higher rates, with the network dipping into a company waiting list started last spring.

Super Bowl LIX between the Chiefs and Eagles is set for Feb. 9 at the Caesars Superdome in New Orleans.

The NFL’s Power

Before the 2024 NFL season, Super Bowl LIX ad sales had stayed generally in line with recent years [[link removed]], and some industry executives even suggested the event was broadly approaching peak-level pricing—even as the NFL’s title game each year is the single-largest event in U.S. television [[link removed]].

The league has since had a more downbeat season in viewership, battling against the tough comparisons of a banner 2023 and posting declines across the regular season [[link removed]], wild-card round [[link removed]], divisional playoffs [[link removed]], and NFC championship game [[link removed]].

So beyond the ad inventory Fox gained the ability to resell, what else explains the recent spike in Super Bowl pricing? The NFL remains by far the biggest attraction in the entire media industry and still holds an ability to aggregate audiences like nothing else—in or out of sports. The league’s 2024 viewership declines, meanwhile, also are far less than heavy retreats seen elsewhere, particularly on cable television [[link removed]].

The continued splintering of entertainment audiences, particularly as traditional TV now holds a minority of overall viewership [[link removed]], makes the massive scale of the Super Bowl only stand out more.

Also helping Fox is a recent surge in viewership for other sports and events in the network’s rights portfolio, including MLB’s World Series [[link removed]] and college football.

Winning Comes at a Price: Texas and Ohio State Report Record Expenses [[link removed]]

Jerome Miron-Imagn Images

As college football becomes more like a professional sport, expenses are starting to rise for schools with some of the country’s top programs.

During the 2023–2024 fiscal year, operating expenses were $325 million for Texas athletics and $292.3 million for Ohio State, according to USA Today. Those are the two largest operating expenses ever reported.

The Longhorns also brought in $331.9 million in operating revenues [[link removed]], marking the first time that a Division I public school has reported more than $300 million in both revenues and expenses in the same year.

Ohio State’s revenue generation fell short, leading to an operating deficit of $37.7 million [[link removed]]. That’s at least partially a result of a $14.6 million decline in ticket revenue that resulted from only six home football games in 2023 (compared to eight in the 2022 season) and from $8.5 million in severance costs connected to the school’s firing of men’s basketball coach Chris Holtmann in February 2024, per USA Today.

Numbers Games

Ohio State beat Texas in this year’s College Football Playoff semifinals en route to the Buckeyes’ second CFP national championship.

Last season, in which the operating expenses and revenue above were recorded, Texas reached the four-team CFP after winning the Big 12 (its last season in the conference), while Ohio State finished the regular season ranked No. 7.

Texas joined the expanded, 16-team SEC last summer, while the Big Ten grew to 18 teams.

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Read the full white paper. [[link removed]]

WNBA Offseason in Overdrive: Griner, Loyd, Plum, Thomas All on the Move [[link removed]]

Kirby Lee-Imagn Images

It didn’t take long for several more dominoes to fall in the WNBA offseason.

Two days after a three-team deal [[link removed]] sent Kelsey Plum and Jewell Loyd away from the franchises that drafted them, Brittney Griner chose to move on as well. The 10-time All-Star agreed to a one-year deal with the Atlanta Dream, ESPN reported Tuesday [[link removed]]. Financial terms have not yet been reported, but Griner made $150,000 last season with the Phoenix Mercury.

The 6-foot-9 center is by far the most impactful free-agent signing for the franchise, which has consistently been at the bottom of the WNBA in attendance [[link removed]]. This is due, in part, to playing its home games at the Gateway Center Arena, which has a capacity of just 3,500, the league’s smallest.

But the franchise has also failed to finish with a winning record since 2018—and Griner’s addition to a core consisting of All-Star wings Rhyne Howard and Allisha Gray puts the Dream, who finished 15–25 last season, in position to break the drought.

From the Sun to the Valley

Griner’s announcement came just hours after it was announced that the Mercury were finalizing a deal to acquire Alyssa Thomas from the Connecticut Sun via a sign-and-trade, ESPN reported [[link removed]].

The Sun will also send out Tyasha Harris in exchange for Natasha Cloud, Rebecca Allen, and the No. 12 pick in the 2025 draft, according to Howard Megdal of The Next [[link removed]].

Thomas, a 6-foot-2 forward who was on the All-WNBA first team for the last two seasons, was drafted in 2014 by the Sun and had spent her entire career in Connecticut.

She was an unrestricted free agent before receiving the core designation from the Sun—which is a one-year deal worth nearly $250,000, akin to the NFL’s franchise tag—earlier this month. A sign-and-trade was the only option for Thomas to move out of Connecticut, and she chose to play for Phoenix [[link removed]], according to The Athletic.

Thomas joins Kahleah Copper in Phoenix, who, together with the now-traded Cloud, was publicly recruiting free agents [[link removed]] to join the Mercury by promoting the team’s $100 million practice facility [[link removed]]. The former Sun star told The Next [[link removed]] in September the team had to share its practice court at Mohegan Sun Arena with a 2-year-old’s birthday party ahead of a playoff game.

“Mohegan has to do better,” Thomas said. “[It’s the] ultimate disrespect.”

STATUS REPORT Three Up, One Down

Akron Beacon Journal

Jameis Winston ⬆ The Browns quarterback will serve as an on-site correspondent for Fox Sports next week in New Orleans ahead of the network’s broadcast of Super Bowl LIX. Winston, who is unsigned for 2025, played four seasons on the Saints before joining Cleveland last year. FOS media and entertainment reporter Ryan Glasspiegel has more details [[link removed]].

Cassidy Hubbarth ⬆ The ESPN sideline reporter is expected to move to Amazon Prime Video [[link removed]] next season to join the streamer’s NBA coverage, according to The Athletic. Hubbarth will be the lead NBA sideline reporter for Prime Video, which has already signed Ian Eagle in as its top play-by-play caller. Prime has also secured Taylor Rooks, Dirk Nowitzki, and Blake Griffin for its NBA studio show.

Paris ⬆ WWE announced it will hold its first premium live event (PLE) at the French capital [[link removed]'CLASH%20IN%20PARIS'%20CONFIRMED%20FOR%20SUNDAY%2C%20AUGUST%2031,-First-Ever%20WWE&text=January%2029%2C%202025%20%E2%80%93%20WWE%C2%AE,held%20in%20the%20French%20capital.] later this year. Clash in Paris will be held at the Paris La Défense Arena on Aug. 31. It’s the second year in a row that WWE will hold a PLE in France following Backlash in Lyon—which is about 250 miles south of Paris—last May.

Serbia ⬇ Novak Djokovic has pulled out of his home nation’s Davis Cup first-round qualifying match due to injury. Djokovic was booed off the court at the Australian Open after he retired following his first-set loss to Alexander Zverev.

SPONSORED BY POLESTAR

From the Fairway to the Final Play

As the Big Game takes to the Big Easy this February, Front Office Sports and Excel Sports Management are partnering to gather the biggest names in sports, entertainment, and media for an unforgettable day out on the golf course on Friday, Feb. 7.

Excel Sports Management, the operators of “The Match” and The Netflix Cup, and Front Office Sports, will cohost The Breakfast Ball [[link removed]] presented by Polestar, with official partners Raising Cane’s Chicken Fingers and Tommy John.

The Breakfast Ball is an ultra-high-end Celebrity Pro-Am golf tournament that will be a can’t-miss event for companies and brands looking to entertain in the lead-up to the game.

Learn more about the event here [[link removed]].

Conversation Starters The Cubs have unveiled The Yard, a special seating area in center field that comes with a ballpark meal and unlimited drinks. Check it out [[link removed]]. The Commanders may have missed the Super Bowl this year, but their title timeline under a new coaching and ownership regime significantly accelerated this year. This could mean another championship to add to the growing list won by minority owner Magic Johnson as a player and owner. Take a look [[link removed]]. FOS reporter Derryl Barnes breaks down how new Miami quarterback Carson Beck secured $10 million in NIL (name, image, and likeness) deals this year in the latest edition of FOS Explains. Watch it here [[link removed]]. Editors’ Picks Neymar’s Saudi Stint Is Over: 1 Goal, 7 Games, More Than $200 Million [[link removed]]by Margaret Fleming [[link removed]]He tore his ACL and injured his hamstring while on Al Hilal. Ryder Cup Expecting Record Revenue After Ticket Price Controversy [[link removed]]by David Rumsey [[link removed]]General-admission tickets for the team golf event cost $750. Reggie Miller Joining NBA on NBC As a Lead Color Commentator [[link removed]]by Ryan Glasspiegel [[link removed]]The former Pacers sharpshooter had worked at TNT since 2005. Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Events [[link removed]] Video [[link removed]] Shows [[link removed]] Written by Eric Fisher [[link removed]], David Rumsey [[link removed]], Colin Salao [[link removed]] Edited by Matthew Tabeek [[link removed]], Or Moyal [[link removed]], Catherine Chen [[link removed]]

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