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☆ So, can we stop calling pro wrestling 'sports entertainment' now?
▼ + stars: | 2024-04-10 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +3 min

For years, the WWE has called itself "sports entertainment" instead of pro wrestling. Since the early 2000s, back even when World Wrestling Entertainment was still called WWF, the company has carefully referred to its scripted grappling as "sports entertainment" rather than "professional wrestling." Now, it seems that the verboten phrase — "pro wrestling" — is back as part of a series of changes made after McMahon left the company. A source familiar with internal policies at WWE told Business Insider that use of the term "pro wrestling" has been relaxed in the past year. For the moment, pro wrestling did indeed win out over sports entertainment.

Persons: John Cena, —, Michael Cole, Vince McMahon, McMahon, — Ibou, Cena Organizations: WWE, Service, Undertaker, Wrestling Entertainment, XFL, Netflix, Wrestling, Sports Entertainment, Rock

☆ I watched WrestleMania for the first time and can see why it generates so much money
▼ + stars: | 2024-04-10 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +1 min

I stayed up all night in the UK to watch WrestleMania 40. I'm not a WWE type. AdvertisementThis weekend I made good on a long-held promise: to watch all eight hours of WrestleMania 40 with my boyfriend, across two nights. AdvertisementI also didn't think I was a WWE type. We also live in the UK, where WrestleMania airs at 1 a.m., so we were giving up on serious amounts of sleep.

Persons: I'm, —, Seth, Freakin, Rollins, Seth Rogen Organizations: WWE, Service

☆ Strong economic growth but high unemployment: A look at Nevada’s economy
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +13 min

In Las Vegas, the cacophony of voices, music, ringing slot machines and car horns that typically pulsed through the Las Vegas Strip was replaced by silence, the chirps of birds and the wails of sirens. In tourism-dependent Nevada, the unemployment rate rocketed even higher, topping out at 30.6% that month. “This is an unemployment rate that’s not driven by job losers, this is an unemployment rate driven by job seekers,” he said. Homes under construction in the Summerlin community, on July 31, 2023, in Las Vegas, Nevada. As of December 2023, the Reno metro area’s unemployment rate was just 0.2 percentage points above the nation’s 3.7% rate.

Persons: John Simpson, Steve, Sisolak, ” Simpson, It’s, ”, they’re, I’ve, Stephen M, Miller, Mario Tama, Bob Potts, there’s, There’s, Nevadans, Annie E, Casey Foundation’s, Jamelle Nance, Marty Elquist, ” Elquist, “, Andrew Woods, Nicholas Irwin, Start’s Simpson, Irwin, Ethan Miller, Maurice Page, Page, Tesla, ” Potts, Carolyn Cole, Potts, You’ve, you’ve Organizations: CNN, Las, Republican Party, of Labor Statistics, University of Nevada, Lee Business School’s Center for Business, Economic Research, New York, Nevada Governor’s, Economic, Las Vegas, New, Workforce, Children’s, Alliance of Nevada, Education, Development, Silver State, Center for Business, UNLV, Reno, ”, Homes, Nevada Housing Coalition, Harvard University’s, for Housing Studies, Silver, Means, Reno Industrial Park, Apple, Panasonic, Google, Reno Industrial, Los Angeles Times, NCAA, NFL, NFL Pro Bowl Locations: Nevada, Las Vegas, Reno, ” Nevada, State, New York, New, Las, New Mexico, Vegas, “ Nevada, Silver, UNLV . Nevada, California, Sparks, Las Vegas , Nevada, Florida, Hawaii, Clark County, Sparks , Nevada, New Orleans, Denver, Southern Nevada, Northern Nevada, Los Angeles

☆ Shares of this restaurant chain are forming a long-term turnaround, according to the charts
▼ + stars: | 2024-02-05 | by ( Katie Stockton | ) www.cnbc.com time to read: +6 min

—Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. Securities, investment products, other financial products or strategies discussed herein may not be suitable for all investors. The recipient of this information must make its own independent decisions regarding any securities, investment products or other financial products mentioned herein. This material is not to be reproduced or redistributed absent the written consent of Fairlead Strategies.

Persons: Dave, Katie Stockton Organizations: Buster's Entertainment, Fairlead, CNBC Pro, Securities

☆ Vince McMahon resigns from WWE parent company board following sex abuse lawsuit
▼ + stars: | 2024-01-27 | by ( Hannah Getahun | Associated Press | ) www.businessinsider.com time to read: +3 min

According to a statement released late Friday, McMahon stepped down from the board of directors at WWE's parent company, TKO Group Holdings. The WWE board began investigating allegations that McMahon paid off accusers for their silence following his resignation as CEO. TKO Group Holdings referred Business Insider to McMahon's statement. Advertisement"Mr. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE," TKO Group said earlier this week. Representatives for Grant did not immediately respond to a request for comment from Business Insider.

Persons: —, Vince McMahon, McMahon, Janel Grant, Grant, Nick Khan Organizations: Service, Business, Holdings, WWE, World Wrestling Federation Locations: Connecticut

McMahon stepped down from the his position as executive chairman of the board of directors at WWE’s parent company, TKO Group Holdings, according to a statement released late Friday. McMahon's statement said that he was leaving the board “out of respect” for WWE and TKO Group. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE,” TKO Group said earlier this week. According to the lawsuit, McMahon lived in the same building as Grant and in 2019 offered to get her a job at WWE after her parents died. “WWE benefited financially from the commercial sex act venture orchestrated by McMahon, including by having wrestling talent, such as WWE Superstar, sign new contracts with WWE after McMahon presented Plaintiff as a sexual commodity for their use,” the lawsuit states.

Persons: Vince McMahon, McMahon, Janel Grant, Grant, ”, “, ” McMahon, “ Mr, ” Grant, John Laurinaitis, Laurinaitis, McMahon lavished, —, Ms, Ann Callis Organizations: WWE, AP, World Wrestling Federation, Holdings, “ WWE Locations: STAMFORD, Conn, Connecticut

A former WWE employee filed a federal lawsuit Thursday accusing executive Vince McMahon and another former executive of serious sexual misconduct, including offering her to a star wrestler for sex. Grant also names as defendants in the lawsuit the WWE and John Laurinaitis, the company's former head of talent relations and general manager. McMahon does not control TKO nor does he oversee the day-to-day operations of WWE," TKO Group said in a statement. According to the lawsuit, McMahon lived in the same building as Grant and in 2019 offered to get her a job at WWE after her parents died. “WWE benefited financially from the commercial sex act venture orchestrated by McMahon, including by having wrestling talent, such as WWE Superstar, sign new contracts with WWE after McMahon presented Plaintiff as a sexual commodity for their use,” the lawsuit states.

Persons: Vince McMahon, Janel Grant, McMahon, Grant, John Laurinaitis, Ann Callis, ”, “ Mr, Laurinaitis, McMahon lavished, — Organizations: WWE, AP, “ WWE, World Wrestling Federation, Holdings Locations: U.S, Connecticut

☆ WWE deal doesn't mean Netflix will invest more in sports, co-CEO says
▼ + stars: | 2024-01-23 | by ( Alex Sherman | ) www.cnbc.com time to read: +3 min

After Netflix and WWE parent company TKO Group announced the deal Tuesday morning, it sparked questions about whether Netflix would try to buy streaming rights for one of the major sports leagues. Netflix paid more than $5 billion for 10 years of WWE's Raw and other international programming. Sarandos called the WWE Raw deal "the inverse of Formula 1," as WWE is popular in the U.S. and has a relatively small international audience. "We can build [WWE] like we have with Formula 1 through our shoulder programming," Sarandos said. The move to pay a giant rights deal is a clear shift for Netflix.

Persons: Dwayne, Johnson, John Cena, Ted Sarandos, Sarandos, WWE's, Mark Douglas Organizations: Life, Netflix, WWE, National Basketball Association, NBA, CNBC Locations: Miami Gardens , Florida, U.S

☆ Stocks making the biggest moves premarket: Coinbase, TKO Group, United Airlines, D.R. Horton and more
▼ + stars: | 2024-01-23 | by ( Brian Evans | ) www.cnbc.com time to read: +5 min

The company sees earnings per share ranging between 60 and 65 cents, well below an LSEG estimate of 72 cents per share. Horton — Shares of the home construction company slipped more than 5% after first-quarter earnings per share missed Wall Street estimates. Horton earned $2.82 per share, while analysts polled by LSEG expected a profit of $2.88 per share. Analysts expected earnings of 80 cents per share, according to LSEG. Analysts expected a profit of $1.24 per share on revenue of $19.7 billion.

Persons: Truist, Enphase, Goldman Sachs, Glen Santangelo, D.R, Horton —, Horton, LSEG, Halliburton, FactSet's StreetAccount, groundings, Johnson — Johnson, Johnson, RTX, CNBC's Hakyung Kim, Samantha Subin, Jesse Pound, Lisa Kailai Han, Fred Imbert Organizations: JPMorgan, General Electric, Energy, Federal, 3M, Goldman, Teva Pharmaceutical Industries, pharma, Jefferies, Logitech —, Logitech, Wall Street, United Airlines –, United Airlines, LSEG, Boeing, Max, Barstool Sports, Netflix, Johnson, Verizon, Procter, Gamble, RTX Corporation, Wall

☆ Why Netflix just made a $5 billion pro wrestling deal
▼ + stars: | 2024-01-23 | by ( Peter Kafka | ) www.businessinsider.com time to read: +4 min

Now it's in "live sports entertainment" via a $5 billion pro wrestling deal with TKO. One big reason the deal could work: Netflix wasn't in the ads business. That's when a new $5 billion, 10-year deal with TKO Group will kick in and bring Raw, the weekly WWE pro wrestling show currently airing on Comcast's USA network, to Netflix in the US and other countries. Now it's here, in what appears to be the biggest licensing deal Netflix has ever made. And this deal is a rights deal, not an outright purchase.

Persons: —, they'll, Comcast's, . Peacock, Chris Rock, That's, it's Organizations: Netflix, Service, WWE, USA, ESPN

☆ How F1 and ‘Drive to Survive’ are changing way we watch sports
▼ + stars: | 2023-10-15 | by ( Leah Asmelash | ) edition.cnn.com time to read: +14 min

“Hard Knocks” is a docuseries that focuses on a single NFL team as it prepares for the upcoming NFL season. F1 is already a dangerous and exciting sport on its own, but “Drive to Survive” transforms it into a soap opera. By the end, hopefully, they’re consuming the product; in this case, actually watching the live sport. But his strength on the field isn’t why Travis Kelce is a household name. In last season’s Super Bowl, Travis Kelce went head-to-head against brother Jason Kelce, when the Chiefs faced the Philadelphia Eagles.

Persons: “ I’ve, it’s, Michael Jordan, Travis Vogan, Vogan, ” Vogan, Aaron Rodgers, isn’t, It’s, They’re, ”, “, Lewis Hamilton, Tom Brady’s, Sergio Perez’s, James Gay, Rees, “ It’s, ” Gay, weren’t, ” Haas, Mick Schumacher, Patrick T, Fallon, Cody Havard, Woods, Williams, Lance Armstrong, they’ve, “ They’re, they’re, Travis Kelce, Kelce, Jason Kelce, Travis, Taylor Swift, Swifties, Swift, David Eulitt, ‘, ’ ” Havard, There’s, Muhammad Ali, Mike Tyson, Jake Paul, Rory McIlroy, Rob McElhenney, Ryan Reynolds, ” Havard, Havard, Patrick McElhenney, Ted Lasso ”, Hannah Waddingham, “ Ted Lasso, — she’s, Marshawn Lynch Organizations: CNN, Sports, Studios, Chicago Bulls, Covid, NFL, HBO, Warner Bros ., NFL Films, University of Iowa, New York Jets, Netflix, Films, PGA Tour, de, Formula One United, Prix, Getty, University of Memphis, Kansas City Chiefs, Chiefs, Philadelphia Eagles, Chicago Bears, Wrexham AFC, Welsh soccer, Los Angeles Lakers, AFC Richmond, Manchester City, West Ham United, English Premier League, Fox Locations: Europe, China, Brazil, Mexico, Austin , Texas, ”, Formula One United States, Wrexham, Welsh, United States, “

☆ Here are Monday's biggest analyst calls: Apple, Meta, Rivian, Nvidia, Amazon, U.S. Steel, FedEx & more
▼ + stars: | 2023-10-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Monday's biggest calls on Wall Street: Goldman Sachs adds Nvidia to the conviction buy list Goldman said the stock is well positioned to benefit for AI. UBS initiates Sunnova as buy UBS said the solar company is best positioned to take share. Morgan Stanley upgrades U.S. Steel to overweight from equal weight Morgan Stanley said in its upgrade of the steel stock that the transformation continues. UBS reiterates Amazon as buy UBS raised its price target on Amazon to $180 per share from $175 and says it's bullish on ads in Prime video content. Morgan Stanley reiterates TJX Companies as overweight Morgan Stanley said it's sticking with its overweight rating after a meeting with company management.

Persons: Goldman Sachs, Goldman, bullish, Evercore, RIVN, Gordon Haskett, Piper Sandler, Piper, Jefferies, Truist, Wells, ROY, SolarEdge, Morgan Stanley, Davidson, CLX, it's Organizations: Nvidia, UFC, WWE, UBS, NOVA, Susquehanna, FedEx, Meta Connect, Microsoft, Barclays, JPMorgan, Apple, Steel, Bank of America, NSC, Amazon, TJX Companies Locations: PODD, GLP, 3Q23, 2Q23, 1Q23, 4Q23, Europe, Bank of America downgrades Norfolk Southern

☆ Here are Friday's biggest analyst calls: Apple, GM, Amazon, Zoom, Arm, Rivian, Ford, Deere & more
▼ + stars: | 2023-09-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

HSBC initiates Zoom as buy HSBC said Zoom is the leader in video conferencing. HSBC initiates Deere as buy HSBC said in its initiation of Deere that it sees "upside in the cycle." HSBC initiates Salesforce as buy HSBC said in its initiation of the stock that it's a "margin expansion story." HSBC initiates Snowflake as buy HSBC said Snowflake is well positioned for AI. HSBC initiates Oracle a buy HSBC said in its initiation of Oracle it likes the company's cloud platform.

Persons: Morgan Stanley, Rivian, it's, TD Cowen, Needham, Piper Sandler, Piper, KEY's, Lauder, Redburn, Wolfe, Goldman Sachs, Goldman, Casella, Zoom, Snowflake, Northcoast, Apple, Salesforce, Ford Organizations: Bank of America, underperform Bank of America, HSBC, Anheuser, Busch InBev, UBS, WWE, UFC, Systems, Moffett, Deere, Oracle, of America, Amazon, Apple, Lenovo, Adobe, General Motors, Ford, GM, UAW Locations: Americas, 2H23, North America, U.S, China

☆ Dave Portnoy's Barstool Sports used sock puppet accounts to avoid copyright takedowns, Daily Beast reports
▼ + stars: | 2023-09-13 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +4 min

The Daily Beast found more than 40 accounts used by Barstool Sports to repost copyrighted material. The accounts ripped and posted copyrighted clips embedded and reposted by Barstool, per The Daily Beast. Using the site's password reset system, The Daily Beast discovered the accounts were associated with email addresses under the barstoolsports.com domain. However, Barstool accounts could still repost from the shadow accounts without fear of being impacted by the takedown notices. "Their business is built on stealing other people's IP," The Daily Beast reported Rubin said of Barstool.

Persons: It's, Barstool, Dave Portnoy —, Portnoy, Erika Ayers Badan, Miel Bredouw, Brigitte Stelzer, Ben Rubin, they'd, Rubin Organizations: Barstool Sports, Barstool, Service, Daily, Beast, Copyright Locations: Wall, Silicon

☆ ESPN launches sportsbook in partnership with Penn Entertainment
▼ + stars: | 2023-08-08 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Disney 's ESPN is launching a betting sportsbook, putting the sports entertainment unit deeper into the wagering world. U.S. gambling company Penn Entertainment said it is partnering with ESPN to rebrand and relaunch its sportsbook as ESPN Bet. ESPN Bet will take over Penn's Barstool Sportsbook and become ESPN's exclusive operation. As part of the deal, Penn will pay ESPN $1.5 billion in cash over the 10-year period. Correction: Penn Entertainment reported in February that its sports-betting business turned a profit in the final three months of the fiscal year.

Persons: Bob Chapek, Bob Iger, David Portnoy, Penn, Portnoy, — CNBC's Alex Sherman Organizations: Disney, ESPN, Penn Entertainment, ESPN Bet, Hulu, CNBC, Penn, Sports, Barstool Locations: U.S

☆ ESPN Enters Sports Gambling in $2 Billion Deal With Casino Company
▼ + stars: | 2023-08-08 | by ( Kellen Browning | More About Kellen Browning | ) www.nytimes.com time to read: +1 min

ESPN on Tuesday announced a 10-year deal with Penn Entertainment, a casino company, to create an online sports betting brand called ESPN Bet, catapulting the sports entertainment network into the lucrative world of online gambling. Penn will operate the online sports book and pay ESPN $1.5 billion in cash for the use of ESPN’s name, marketing, “access to ESPN talent” and other promotional tools, Penn said in a news release. Penn will also give ESPN options to buy $500 million in Penn stock, the news release said. Jimmy Pitaro, the chairman of ESPN, said in the news release that he believed ESPN’s strong brand, combined with Penn’s technology and experience running a sports book, provided a “tremendous opportunity to serve the ever-growing number of consumers interested in betting.”Jay Snowden, Penn’s chief executive, called the deal “transformative” and said it would help Penn continue to evolve into a “North American entertainment leader.”

Persons: Penn, Jimmy Pitaro, ” Jay Snowden, ” Organizations: ESPN, Tuesday, Penn Entertainment, ESPN Bet, Penn Locations: Penn, American

World Wrestling Entertainment and Endeavor's UFC announced last month they would merge later this year. The new operation will be called TKO Group Holdings, a spokesperson for Endeavor confirmed Tuesday. Emanuel has said he intends to run "the same playbook" with WWE that Endeavor did with UFC, whose revenue surged 20% from 2021 to 2022. UFC and WWE will retain their respective names as part of TKO Group. "This is going to be UFC 2.0," Emanuel said in an interview that aired last month on CNBC's "Squawk on the Street."

☆ Hardcore wrestling fans are torn over the WWE-UFC merger – but they love the drama
▼ + stars: | 2023-05-06 | by ( Natasha Piñon | ) www.cnbc.com time to read: +2 min

For wrestling fans, though, the story's not about those numbers. And wrestling fans aren't afraid to share their opinions. Some are worried that a return to a pay-per-view model for WWE's flagship event, WrestleMania, is on the horizon. The WWE's exclusive streaming deal with Peacock, which includes WrestleMania streaming rights, is set to expire in 2026. In late March, before the UFC deal was announced, WWE CEO Nick Khan said the company keeps fans' price sensitivity in mind.

☆ Fanatics moves one step closer to IPO, hiring Meta's head of investor relations
▼ + stars: | 2023-04-27 | by ( Ian Thomas | ) www.cnbc.com time to read: +7 min

While an IPO is not on the immediate horizon, the company is taking a step in the direction of preparing for one, hiring Meta's investor relations head to further build out its engagement with current and future shareholders. Deborah Crawford, who has served as Meta 's vice president of investor relations for more than eight years, is being appointed as Fanatics' head of investor relations, a new position at the company. Prior to Meta, Crawford was head of investor relations for Netflix, where she helped initiate the streaming company's first formal investor relations function, according to Fanatics. Schiffman declined to comment on the potential timing of a Fanatics IPO but confirmed the company has a goal of going public. Fanatics has seen its valuation and investor roster drastically expand in recent years, which has also helped to fuel IPO chatter.

Shares of WWE fell in premarket trading, while Endeavor shares rose. Ari Emanuel will act as chief executive of both Endeavor and the new company, the companies said. McMahon, likewise, will be executive chairman, while Endeavor President and COO Mark Shapiro will also work in the same roles at the new company. Dana White will remain as president of UFC, and WWE CEO Nick Khan will stay on as president of the wrestling business. Stefanie Keenan | Getty Images Entertainment | Getty ImagesThe announcement confirmed an earlier CNBC report.

☆ RSE Ventures' Matt Higgins calls sports investing 'recession proof'
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRSE Ventures' Matt Higgins calls sports investing 'recession proof'Matt Higgins, RSE Ventures co-founder, joins 'The Exchange' to discuss the health of startups and betting on sports entertainment.

☆ Fanatics to start livestreamed shopping of trading cards, collectibles
▼ + stars: | 2023-02-02 | by ( Ian Thomas | ) www.cnbc.com time to read: +7 min

The Washington Post | Getty ImagesFanatics is moving into livestreamed shopping around collectibles and trading cards, hiring a former Snap and Alphabet executive to launch its new business later this year. Fanatics Live, which will have a standalone app and a coinciding website, plans to launch in the second half of 2023. Only 31% of U.S. adults have even heard of live shopping, with just 22% saying they've participated in a live shopping event, according to a December poll by Morning Consult. Ebay, which said it saw trading card sales increase 142% in 2020, acquired trading card marketplace TCGPlayer for $295 million in August. While Fanatics Live could move into other forms of entertainment and collectibles over time, it will solely focus on trading cards initially.

Fanatics is in discussions to acquire the BetParx sportsbook, as the sports merchandising company looks to take a bigger position in sports betting, according to people familiar with the matter. Representatives for Fanatics and BetParx declined to comment. Fanatics has been seeking a deal in the sports betting space for some time. The company is opening Fanatics Sportsbook at FedExField, the stadium of the NFL's Washington Commanders. Last year, Fanatics' billionaire executive chairman Michael Rubin sold his 10% stake in Harris Blitzer Sports Entertainment, the owner of the Philadelphia 76ers and New Jersey Devils, allowing Fanatics to enter the gambling space.

☆ How WWE’s Vince McMahon ruthlessly got his job back despite allegations of sexual assault and misuse of company funds
▼ + stars: | 2023-01-14 | by ( Kyle Feldscher | ) edition.cnn.com time to read: +12 min

WWE has always been a family business – Vince McMahon, Sr., handed over the reins to his son in the 1980s – and it seemed set to continue that way. Why was Vince McMahon stepping aside such a big deal? Vince McMahon was more akin to a king than a business executive in the world of WWE, his fingerprints on everything. Once considered a wrestling genius, critics have more recently come to consider Vince McMahon a creative liability. McMahon,” Vince McMahon’s devious on-screen character, who served as wrestling’s greatest heel for years in the late 1990s and early 2000s.

☆ Top DAZN exec reveals how the streamer is gearing up to super-serve fans in 2023, moving beyond boxing, and betting big on women's sports
▼ + stars: | 2023-01-12 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +8 min

We've also invested heavily in women's boxing. You are starting to see real, meaningful growth in women's sport now and that comes in different forms. The professionalism of the production in women's sport, we've been central to driving that forward. In the US, boxing fans in this country are disproportionately Hispanic relative to the wider population. The real business for us is the ongoing monthly subscription relationship that we have with boxing fans in this country, or soccer fans in Germany or Italy, and baseball fans in Japan.

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