WBD and NBA, FanDuel parent, F1's Vegas return: Pomp's Playbook
There's a lot going on in the world of sports this week with Warner Bros. Discovery (WBD) and the NBA reaching a lawsuit settlement over sports broadcast rights, FanDuel parent Flutter Entertainment's (FLUT) strong earnings results, and the Formula 1 Grand Prix returning to Las Vegas. This week on Yahoo Finance Sports Report, host Joe Pompliano breaks down these top sports headlines. "Warner Bros. Discovery sued the NBA after losing out on their media rights package earlier this year... Warner Bros. is going to be getting a few additional assets, and the NBA is going to be moving on with its new partner Amazon (AMZN)," Pompliano explains. "This is sort of a win-win for everyone because the NBA gets to move on with Amazon. ESPN gets Inside the NBA from Warner Bros. who's going to be licensing them the wildly successful show and Warner Brothers is now going to get to sub-license some college football and college basketball games from ESPN. Again, a win for everyone involved." FanDuel parent company Flutter Entertainment saw 27% revenue growth year-over-year in the third quarter. Pompliano puts the sports bettor's $114 million net loss and total revenue of $3.25 billion into context, as platforms like FanDuel and DraftKings move closer to profitability as more states adopt sports betting. The Formula 1 Grand Prix is returning to Las Vegas after pulling off a successful race in 2023. The Las Vegas Grand Prix 2024 will take place from November 21 to 23. The Formula 1 Grand Prix "was a huge event last year," Pompliano explains, "Liberty Media invested more than $500 million into a permanent paddock building that's 300,000 square feet right off the Las Vegas strip. They had a ton of people attend the event, and it reportedly brought in a $1.5 billion economic impact with visitors alone spending $864 million." To hear more, check out this week’s episode of Yahoo Finance Sports report here. Yahoo Finance Sports Report with Joe Pompliano, a vodcast brought to you by Yahoo Finance and Yahoo Sports, looks beyond the latest sports business headlines, analyzes all the need-to-know news - the teams, trades, and billion dollar deals - so you and your portfolio will win BIG. Yahoo Finance Sports Report is developed and produced by Lauren Pokedoff. This post was written by Mariela Rosales.
