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New York CNN —Bud Light might be experiencing a knockout of its own, but this time it’s on purpose. The multiyear sponsorship, which begins on January 1, 2024, makes Bud Light the “official beer partner” of the UFC, with the beer branding having a “highly visible presence” during fights and weigh-ins. The new agreement is a reunion for Bud Light and the UFC, after a previous sponsorship ended in 2017. Bud Light replaces Modelo as UFC’s beer sponsor, the Mexican lager that has dethroned Bud Light from its title of America’s top-selling beer. Sales of Bud Light are still sinking, with volumes down 30% year-over-year for the four weeks ending on October 7, according to NIQ data given to Beer Business Daily newsletter.
Persons: Bud, , Bud Light’s, weren’t, Crypto.com, Bud Light, , Dana White, Travis Kelce Organizations: New, New York CNN, Anheuser, Busch, UFC, Bloomberg, CNN, ” UFC, Coors, Bud Light, NFL, Beer Business, Endeavor, World Wrestling Entertainment Locations: New York
The PGA Tour logo is seen during the third round of the Travelers Championship at TPC River Highlands in Cromwell, Connecticut, on June 24, 2017. The discussions, which are in preliminary stages, stem from a PGA Tour investment vehicle created as part of the framework agreement for its proposed deal with PIF. "Throughout 2023, the PGA Tour has demonstrated its strength, reach and value as an enterprise. In June, the PGA Tour announced a proposed deal that would see it combine with rival LIV Golf following months of lawsuits and competition between the two. The deal between LIV and the PGA Tour has faced criticism and controversy.
Persons: LIV, Saudi Crown Prince Mohammed bin Salman, PIF Organizations: Investment, Endeavor Group Holdings, Fenway Sports Group, PGA Tour, PGA, Public Investment Fund, Endeavor, Fenway, Bloomberg, LIV Golf, Saudi Crown, LIV, UFC, Wrestling Entertainment, Major League Baseball's Boston Red Sox, Liverpool Football Club, National Hockey League's Pittsburgh Penguins Locations: Cromwell , Connecticut, Saudi
Trading information and logo for Endeavor Group Holdings, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 10, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 28 (Reuters) - Endeavor Group (EDR.N) and Boston Red Sox owner Fenway Sports Group have expressed interest in investing in the PGA Tour, according to a source familiar with the negotiations. After a very public war of words, PGA, DP World Tour and Saudi-backed LIV Golf circuit in June announced a shocking agreement to merge and form one unified commercial entity. PGA's talks with Endeavor and Fenway are still at an early stage, the source said, requesting anonymity because the matter is confidential. Both Fenway and Endeavor are already major players in the sporting industry.
Persons: Brendan McDermid, LIV, PGA's, Niket, Shilpi Majumdar, Shweta Agarwal Organizations: Endeavor Group Holdings, Inc, New York Stock Exchange, REUTERS, Endeavor, Boston Red Sox, Fenway Sports, PGA, Saudi Arabia's Public Investment Fund, U.S, Senators, Fenway, Bloomberg News, Public Investment Fund, Major League Baseball's Boston Red Sox, Premier League club Liverpool, World Wrestling Entertainment, Thomson Locations: New York City, U.S, Saudi, Bengaluru
Ultimate Fighting Championship and World Wrestling Entertainment executives decided to name their new publicly traded company TKO to honor the companies' expertise in fighting, but they have broader aspirations than just owning combat sports. That includes eventually going to market together for international media rights and bringing together the company's production efforts and back offices, Shapiro said. After that, TKO plans to swing into acquisition mode to grow the company, he said. Endeavor also owns Professional Bull Riders and two tennis tournaments — the Mutua Madrid Open and the Miami Open. In the coming months, TKO executives will also negotiate new media deals for WWE "Raw" and "SmackDown" on traditional pay TV.
Persons: WME, Mark Shapiro, Shapiro Organizations: Wrestling Entertainment, New York Stock Exchange, Endeavor Group Holdings, UFC, Hollywood, WWE, CNBC, Endeavor, Professional Bull Riders, Madrid, Miami, WME, Fox
Windham Rotunda, a former World Wrestling Entertainment champion and a third-generation professional wrestler known as Bray Wyatt, died on Thursday at the age of 36, the company announced. Mr. Rotunda’s death was announced by WWE’s chief content officer Paul Levesque, the former wrestler known as Triple H, on X, formerly known as Twitter. WWE also confirmed the death in a statement on its website. “Known for his captivating performances and incredible in-ring presence, Wyatt was a defining Superstar of his generation and accomplished many feats in WWE, including becoming WWE Champion in 2017,” the statement said. Mr. Rotunda was the brother of Taylor Rotunda, known as Bo Dallas; a son of the Hall of Fame wrestler Mike Rotunda; and a grandson of Robert Windham, known as Blackjack Mulligan.
Persons: Windham, Bray Wyatt, Rotunda’s, Paul Levesque, Wyatt, Rotunda, Taylor, Bo Dallas, Mike Rotunda, Robert Windham, Blackjack Mulligan Organizations: Wrestling Entertainment, WWE’s, Triple, Twitter, WWE, of
Terry Funk, the Hall of Fame professional wrestler whose hardcore fighting style in the ring inspired decades of bloody brawls and entertaining matches, has died. His death was confirmed on Wednesday by World Wrestling Entertainment, the company for which Mr. Funk’s career exploded. No cause of death was given, and relatives could not be immediately reached for comment on Wednesday evening. Mr. Funk’s wrestling career, which began in the mid-1960s and lasted four decades, took him around the country and world, from playing in front of sold-out crowds for W.W.E. That extreme quality to his matches made Mr. Funk among the most celebrated wrestlers of his generation in a sport built on performer-athletes playing exaggerated or downright invented versions of themselves.
Persons: Terry Funk, Funk Organizations: of Fame, World Wrestling Entertainment, Japan
Investors on the hunt for the new stock ideas may want to take a look at these name that garnered increased interest from hedge funds during the second quarter, according to Morgan Stanley. Here are some of the companies that made the list: Liberty Media experienced the largest uptick in ownership during the period, up 22.5%, according to Morgan Stanley's analysis. LSXMA YTD mountain Liberty Media shares year to date During the second quarter, Liberty Media remained among Baupost's top positions , with the Seth Klarman-led fund retaining a $486 million stake in the company. The company agreed to merge with UFC during the second quarter to create a new publicly traded company controlled by Endeavor . Shares have risen more than 63% this year, and ownership ticked up nearly 9% during the second quarter.
Persons: Morgan Stanley, Morgan, John Malone, Seth Klarman, Macy's, — CNBC's Michael Bloom, Yun Li Organizations: Liberty Media, Sirius XM Holdings, Entertainment, Pfizer, Wrestling Entertainment, UFC, Endeavor Locations: Seagen
Keith Meister's Corvex Management placed a big new bet on drugmaker Catalent , among other moves in an active quarter for the fund manager. The fund also has a new position in Knife River , a construction materials and contracting company, leading to a $110.3 million holding. It's the seventh largest position in the fund and likely the result of a spin-off. In June, Knife River spun off from MDU Resources , which is the third largest holding in Corvex. Knife River is up more than 17% this quarter.
Persons: Keith Meister's, drugmaker, Corvex, Meister, Carl Icahn Organizations: Management, Securities and Exchange Commission, MDU Resources, Adobe Systems, Wrestling Entertainment, Southwest Gas, Constellation Energy, Algonquin Power Locations: Catalent, Somerset , New Jersey, MDU, Arizona , California, Nevada
New York CNN —Federal law enforcement agents executed a search warrant and subpoenaed World Wrestling Entertainment executive chairman Vince McMahon last month as part of an investigation into claims of sexual misconduct, the company announced this week. Following his departure, the WWE disclosed multiple expenses that McMahon hadn’t reported, totaling $19.6 million. Many of the payments are related to the company’s investigation of his alleged sexual misconduct, and the company’s board last year formed a special committee to investigate. The Wall Street Journal in July 2022 reported McMahon paid tens of millions of dollars to four women to cover up “allegations of sexual misconduct and infidelity.” McMahon has denied the allegations. So far, he has repaid the WWE $17.4 million, the company reported Wednesday.
Persons: Vince McMahon, McMahon, McMahon hadn’t, ” McMahon Organizations: New, New York CNN, Wrestling Entertainment, WWE, Street, Endeavor Group, UFC Locations: New York
World Wrestling Entertainment Inc. Chairman Vince McMahon appears in the ring during the WWE Monday Night Raw show at the Thomas & Mack Center August 24, 2009 in Las Vegas, Nevada. Federal law enforcement agents executed a search warrant on World Wrestling Entertainment boss Vince McMahon last month and served him with a federal grand jury subpoena, the company disclosed Wednesday. Reached for comment Wednesday, the company said they believe the subpoena and search warrant are "a continuation of the investigation that commenced last summer. WWE and Endeavor both expect the deal to close in the second half of this year, WWE said Wednesday. The search warrant and subpoena on July 17 came a year after news first broke that federal prosecutors and the SEC were investigating WWE and McMahon over his payments to women.
Persons: Vince McMahon, McMahon, McMahon's Organizations: Entertainment Inc, WWE, Thomas &, World Wrestling Entertainment, Securities and Exchange Commission, CNBC, UFC, Endeavor Group, Endeavor, SEC Locations: Las Vegas , Nevada
TikTok, Warner Music Group to partner in music licensing deal
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +1 min
July 18 (Reuters) - Warner Music Group (WMG.O), the record label conglomerate behind artists such as Radiohead, AC/DC and Madonna, has signed a licensing deal with Chinese short-video app TikTok to boost its social media revenues. The multi-year deal will help Warner Music's artists and songwriters unlock new revenue and marketing opportunities from TikTok's more than 1 billion users, the companies said on Tuesday. Social media platforms like TikTok have seen many new artists go big when content featuring their music went viral, helping them clinch major record deals. The deal licenses the collection of Warner Recorded Music and Warner Chappell Music to TikTok, TikTok Music - the social media app's premium streaming service, video editor CapCut, and TikTok's Commercial Music Library. Reporting by Zaheer Kachwala; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Warner, Warner Chappell, CapCut, Zaheer Kachwala, Devika Organizations: Warner Music Group, Radiohead, Social, Warner, Wrestling Entertainment, WWE, Warner Recorded Music, Warner Chappell Music, Thomson
Nobody is quite sure where the term “kayfabe” originated. It may be a bastardized form of pig Latin, something to do with the actual word “fake.” It may have its roots in the culture of wandering 19th-century carnivals, the world inhabited by P.T. Barnum and the confidence men and the salesmen who sold actual snake oil. Its modern usage, though, is sufficiently specific that only a relatively small proportion of people would even have a sense of what it means. For decades, wrestlers were expected to keep kayfabe even when they were off the clock.
Persons: , . Barnum, Abraham Josephine Riesman delineates, Vince McMahon —, Donald Trump Organizations: World, Entertainment Locations:
Mandatory Credit: Joe Camporeale-USA TODAY Sports/File PhotoJune 16 (Reuters) - A U.S. judge rejected World Wrestling Entertainment's (WWE.N) effort to dismiss a smaller rival's antitrust lawsuit that accused it of monopolizing the market for professional wrestling media rights. In a decision on Thursday, U.S. District Judge Edward Davila in San Jose, California, said MLW Media had presented enough "circumstantial" evidence that WWE uses its dominance to keep rivals from accessing various distributors and arenas. MLW said Stamford, Connecticut-based WWE commands about 92% of revenue from U.S. media rights for pro wrestling, versus 6% for All Elite Wrestling and less than 2% for everyone else. MLW sufficiently alleged that WWE's activities "had a substantial effect in foreclosing competitors from the professional wrestling media rights market," Davila wrote. The case is MLW Media LLC v World Wrestling Entertainment Inc, U.S. District Court, Northern District of California, No.
Persons: Cody Rhodes, Joe Camporeale, Edward Davila, MLW, Davila, Marc Kasowitz, Jonathan Stempel Organizations: Wrestling, District, MLW Media, WWE, Elite Wrestling, Fox, Amazon.com, CBS, Disney, Netflix, Warner Bros Discovery, Wrestling Entertainment Inc, Court, Northern District of, Thomson Locations: Inglewood , CA, USA, SoFi, U.S, San Jose , California, Stamford , Connecticut, , New York, Northern District, Northern District of California, New York
[1/10] Spectators watch a match at All Together Again Pro Wrestling event in Tokyo, Japan, June 9, 2023. AEW founder Tony Khan said 65,000 tickets have already been sold for the Wembley show, and "it would be a huge benefit to AEW if there is participation from New Japan Pro Wrestling and some of their top stars in the event." The scripted and often ridiculous spectacle of pro wrestling is a serious player in the entertainment sector. New Japan President Takami Ohbari said teaming with AEW would give the companies more of a fighting chance against a merged WWE and UFC operator Endeavor Group (EDR.N). "It's really mutually beneficial in terms of the global expansion for New Japan and also for AEW," Ohbari said.
Persons: Kim Kyung, Hoon TOKYO, Tony Khan, Khan, Brandon Thurston, Wrestlenomics, grappler, Antonio Inoki, Takami Ohbari, AEW, It's, Ohbari, Rocky Swift, Miyoung Kim, Sonali Paul Organizations: REUTERS, Elite, Wembley, World Wrestling Entertainment, WWE, UFC, New Japan Pro Wrestling, Reuters, New, Garden, Endeavor, Thomson Locations: Tokyo, Japan, Jacksonville , Florida, New Japan, Toronto, U.S, New York's, Britain
CNN —Professional wrestler and World Wrestling Entertainment Hall of Famer The Iron Sheik has died, according to an announcement on his Twitter page. The Iron Sheik, whose real name was Hossein Khosrow Ali Vaziri, was born in Iran where he first began his wrestling career. The Iron Sheik became champion of then-World Wrestling Federation in 1983 and held the title for just under a month before losing to Hulk Hogan, according to WWE. “Throughout his career, The Iron Sheik became a cultural phenomenon, transcending the realm of professional wrestling to become a pop culture icon,” the announcement on his Twitter reads. He left an indelible mark on the industry, and his influence can still be felt in the world of wrestling today.”
Persons: Sheik, Hossein Khosrow Ali Vaziri, , Hulk Hogan, Organizations: CNN —, Wrestling Entertainment Hall of Famer, WWE, World Wrestling Federation Locations: , Iran
NEW DELHI, June 7 (Reuters) - India's top wrestlers said they had decided to suspend protests on Wednesday after the country's sports minister promised a swift probe of their federation chief who they accused six months ago of sexually harassing female athletes. The wrestlers have been camping in New Delhi for months seeking the arrest of Wrestling Federation of India (WFI) President Brij Bhushan Sharan Singh, who has denied the allegations. Singh, a six-time member of parliament, has been accused of sexually assaulting seven female athletes, including a minor. His lawyer rejected all the allegations levelled by the wrestlers and said Singh was cooperating with the police in the probe. It has also threatened to suspend WFI if it fails to hold a fresh election this month.
Persons: Brij Bhushan Sharan Singh, Singh, Narendra Modi's, Bajrang Punia, Anurag Thakur, Punia, Sakshi Malik, Vinesh Phogat, . Sports Minister Thakur, Joanna Maranhao, Sakshi Dayal, Hritika Sharma, Bill Berkrot, Raju Gopalakrishnan Organizations: Wrestling Federation of India, Narendra Modi's Bharatiya Janata Party, BJP, Sports, Tokyo, . Sports Minister, Rights Alliance, International Olympic Committee, IOC, Thomson Locations: DELHI, New Delhi, Asian
PGA Tour agrees to merge with Saudi-backed rival LIV Golf
  + stars: | 2023-06-06 | by ( Lillian Rizzo | ) www.cnbc.com   time to read: +13 min
The PGA Tour has agreed to merge with Saudi-backed rival LIV Golf in a deal that would see the competitors squash pending litigation and move forward as a larger golf enterprise. With LIV Golf in the midst of its second, groundbreaking season, the PGA TOUR, DP World Tour and PIF will work together to best feature and grow team golf going forward. PIF will initially be the exclusive investor in the new entity, alongside the PGA TOUR, LIV Golf and the DP World Tour. Separately, PGA TOUR Inc. will remain in place as a 501(c)(6) tax exempt organization and retains administrative oversight of events for those assets contributed by the PGA TOUR, including the sanctioning of events, the administration of the competition and rules, as well as all other "inside the ropes" responsibilities, with Jay Monahan as Commissioner and Ed Herlihy as PGA TOUR Policy Board Chairman. The DP World Tour and LIV Golf will retain similar administrative oversight of events on their respective Tours.
Persons: LIV, LIV didn't, Yasir Al, Rumayyan, Jay Monahan, PIF, CNBC'S David Faber, LIV Golf, Brooks Koepka, Phil Mickelson, Bubba Watson, Monahan, Team Captain Brooks Koepka, Ricky Elliott, Osama Bin Laden, Donald Trump, nobody's, Trump, CNBC's David Faber, Jessica Golden, Kevin Durant, James Pitaro, LIV –, we've, Jay, Keith, Ed Herlihy, Herlihy, Jimmy Dunne, Keith Pelley Organizations: Nexstar, Nexstar Media Group, CW Network, CW, Wrestling, Endeavor Group, PGA Tour, CNBC, Saudi Arabia Public Investment Fund, PGA, European PGA, U.S, Team, Royal Greens, & Country Club, King Abdullah Economic, Saudi, CBS Sports, LIV, ESPN, Public Investment Fund, Al, Rumayyan, Strategic Alliance Locations: U.S, Saudi, Jeddah, King Abdullah, King Abdullah Economic City, Saudi Arabia, Los Angeles, RIYADH, PONTE, BEACH , Florida
We have been saying for some time that these sports organizations need to prohibit Kadyrov’s fighters to perform,” he said. There’s also its decision to allow Russian fighters in general to compete in the world’s premium mixed martial arts organization. Some critics have suggested Russian fighters in general should be suspended, like has happened in some other sports, for the country’s involvement in the invasion of Ukraine. Chris Unger/Zuffa LLC/Getty ImagesUFC’s primary focusThere are 20 active Russian fighters currently competing in their organized events, according to the UFC website. CNN approached all 20 of those Russian fighters, only two responded initially and ultimately none of them agreed to an interview.
Keith Meister's Corvex Management scooped up shares of Amazon during the first quarter, while slashing its stakes in technology giants Alphabet and Microsoft . Meister also bought shares of Endeavor Group , a position worth $44.9 million at the end of the first quarter. Other new bets from Corvex included a $22.7 million position in Uber Technologies and a stake in Algonquin Power . Prior to launching Corvex, Meister worked closely with legendary activist investor Carl Icahn. At the end of the first quarter, Corvex managed about $2.9 billion in regulatory assets, according to securities filings.
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."
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.
Could 2023 be the year mixed-martial arts (MMA) in the United States finally returns to its pure, humble beginnings nurtured in Asia nearly 5,000 years ago? “I can’t wait for the US fans to be exposed to true martial arts. Fighting on American soil, it’s amazing to be able to headline this landmark event,” said the former longtime UFC champion, who joined One in 2018. Courtesy Aaron Pan/ONE ChampionshipWhat “true martial arts” means in new-era combat sports is certainly up for interpretation. That’s more true to the spirit of martial arts and its traditional values.
May 3 (Reuters) - Goldman Sachs Group Inc (GS.N) has named Kim Posnett as the head of its global technology, media and telecommunications (TMT) investment banking group, according to an internal company memo. Posnett, who is currently the co-head of the One Goldman Sachs initiative at the bank, will continue to hold her existing responsibilities. The One Goldman Sachs initiative aims to integrate the bank's dealings with clients across teams. Posnett, who has also served as the global head of investment banking services at Goldman, is one of the few executives who spoke at the bank's investor day in February alongside its chief executive and finance head. In a separate memo sent out by Goldman's heads of global banking & markets, Ashok Varadhan, Dan Dees and Jim Esposito, Goldman also named Aasem Khalil as the new global head of its Investment Banking Services division.
Lightning Round: Go with T-Mobile over AT&T
  + stars: | 2023-04-25 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: Go with T-Mobile over AT&T"Mad Money" host Jim Cramer weighs in on stocks, including Jazz Pharma, AT&T, Walt Disney, JD.com, Chargepoint, Petrobas and World Wrestling.
That means Fanatics will now operate all of the on-site retail at the WWE's more than 300 events throughout the year, including its premier live events like WrestleMania and the Royale Rumble. Fanatics became WWE's global e-commerce partner in 2022, a deal that later grew to include licensed merchandise, memorabilia, trading cards and collectibles. WWE has seen its live-event merchandise business grow as the company has returned to a fuller slate of events and shows as the pandemic has waned. In 2022, WWE reported that it had $23.8 million in venue merchandise revenue across 231 live events in 2022, up from $10.1 million the previous year when the company only had 101 live events. Fanatics' existing relationships across sports could also further benefit WWE, Varga said.
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