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☆ Disney's quarter wasn't clean, but we see evidence that CEO Bob Iger's turnaround plan is working
▼ + stars: | 2023-08-09 | by ( Jeff Marks | ) www.cnbc.com time to read: +9 min

Disney (DIS) reported fiscal third-quarter results after the closing bell Wednesday, and it was another mixed quarter even against low expectations. Still, there were enough pockets of optimism in the company's restructuring plan and streaming strategy to believe CEO Bob Iger's turnaround is working. Indeed, global Disney+ subscribers declined to 146.1 million from 157.8 billion, but nearly all of that was associated with Disney+ Hotstar and not Disney's core markets. Quarter over quarter, that loss of $512 million was narrower by $147 million. Thanks to the ongoing strength of Disney's international parks and cruise line business, Disney expects fourth-quarter operating margins at DPEP to exceed the prior year.

Persons: Bob Iger's, we've, Kevin Lansberry, Iger, Jim Cramer's, Jim Cramer, Jim, Bob Iger, CNBC's David Faber, David A Organizations: Disney, Refinitiv, DIS, Consumer, Hollywood, Indian Premier League cricket, Netflix, Disney Media, Entertainment, Linear Networks, ESPN, Penn Entertainment, Disney Parks, Walt Disney, Star Wars, CNBC, Allen, Grogan Locations: India, Florida, Europe, Canada, DMED, Sun Valley , Idaho

☆ Penn Entertainment beats profit estimates on rising demand for sports betting
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Aug 9 (Reuters) - Penn Entertainment (PENN.O) reported a better-than-expected quarterly profit on Wednesday, as visitors return to its casinos and demand for online sports betting rises. Shares of the company rose ~15% in premarket hours. Sports betting is live in 34 states and Washington, D.C. and is legal but not yet operational in another four, according to the American Gaming Association. Revenue from Penn's "Interactive segment," which includes online sports betting, increased 66.2% in the second quarter ended June 30. Penn reported a net profit of 48 cents per share for the reported quarter, compared with expectations of 42 cents per share, as per Refinitiv data.

Persons: Walt Disney's, Jay Snowden, Penn, Aishwarya Jain, Shailesh Organizations: Penn Entertainment, Tuesday, ESPN, ESPN Bet, Sports, American Gaming Association, Revenue, Penn's, Thomson Locations: United States, Washington

☆ Disney's big sports-betting deal has industry insiders abuzz about possibilities, from a potential ESPN spinoff to heightened competition
▼ + stars: | 2023-08-09 | by ( Ashley Rodriguez | Margaret Fleming | Lucia Moses | ) www.businessinsider.com time to read: +11 min

Many view the deal as a "win-win" for ESPN, Penn, and its former partner Barstool Sports. Industry insiders say the deal could signal a potential ESPN spinoff, disrupt competition, and more. Gambling industry insiders thought Disney CEO Bob Iger might make quick work of setting a sports-betting strategy when he took back the reins of the ESPN owner late last year. Here's what industry insiders are saying about the deal:1. Industry insiders like affiliate marketing company Gambling.com's Max Bichsel aren't sure about that prediction.

Persons: Barstool, Bob Iger, Penn, sportsbooks, who's, Chris Grove, Dave Portnoy, Portnoy, Fox's, Sharp, Sharp Alpha Advisor's Lloyd Danzig, Dan, Danzig, Brandon Nispel, he's, Nispel, Kimberly White, FanDuel, BetMGM, Zachary, Gambling.com's Max Bichsel aren't, Bichsel, I'm, Grove, It's, DraftKings, let's, FuboTV, hasn't, Fox Bet, Ed Moed, Fox, Dan Wasiolek, Wasiolek Organizations: ESPN, Penn Entertainment, Penn, Barstool Sports . Industry, ESPN Bet, Investors, Acies Investments, Barstool Sports, Sharp Alpha, Disney, KeyBanc, CFRA Research, . Industry, ESPN —, Fox, Maxim Magazine, Sports, Fox Bet, Morningstar Locations: Macquarie, Canada

☆ After divesting Barstool Sports, Penn Entertainment CEO says Dave Portnoy is the only 'natural owner' for the company long term
▼ + stars: | 2023-08-09 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Penn Entertainment CEO Jay Snowden told CNBC's Jim Cramer and CNBC's Contessa Brewer that the only natural owner of Barstool Sports was David Portnoy, who founded the company in 2003. Penn Entertainment, a gambling firm, announced Tuesday it would be divesting Barstool — selling the entity back to Portnoy — while entering a $1.5 billion deal with Disney 's ESPN to launch a betting sportsbook. "Dave Portnoy is the only natural owner for Barstool sports long term," Snowden said. Snowden explained that the company realized its product was quickly becoming outdated by having to rely on a third-party platform. The ESPN deal marks the first time the brand will be on a sports betting platform, known as ESPN Bet.

Persons: Jay Snowden, Jim Cramer, Contessa Brewer, David Portnoy, Portnoy —, Dave Portnoy, Snowden, Wednesday's, DraftKings Organizations: Penn Entertainment, Barstool Sports, Disney, ESPN, ESPN Bet

☆ Disney's ESPN strikes $2B sports betting deal with Penn Entertainment
▼ + stars: | 2023-08-09 | 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 EmailDisney's ESPN strikes $2B sports betting deal with Penn EntertainmentCNBC's Julia Boorstin joins 'The Exchange' to discuss Disney's upcoming earnings report, a decline in Disney's Florida theme park performance, and ESPN's $2 billion investment into Penn entertainment sports betting deal.

Persons: Julia Boorstin Organizations: ESPN, Penn Entertainment Locations: Disney's Florida, Penn

☆ Wynn delivers second straight quarterly beat, smashes estimates across the board
▼ + stars: | 2023-08-09 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

Wynn Resorts (WYNN) delivered impressive second-quarter results on Wednesday, including higher profit margins out of a resurgent China — the linchpin of our investment thesis. Combined adjusted property EBITDAR in for North American properties was also a second quarter record. So, the higher the table game win rate, the more cash Wynn is holding onto and recording as revenue. Las Vegas The win rate in Las Vegas was in line with management's expectations, though down from a year ago. Wynn Interactive Wynn continues to take a disciplined cost approach to its digital gaming platform.

Persons: —, We're, Wynn, Wynn Interactive Wynn, Jim Cramer's, WYNN, Jim Cramer, Jim, Bob Henry Organizations: Wynn Resorts, WYNN, Refinitiv, North, Management, Wynn, Las Vegas, Wynn Interactive, CNBC, Universal, Getty Locations: China, Macau, North American, United States, Las Vegas, Boston, Wynn Macau

☆ 3 key questions Disney analysts say CEO Bob Iger faces ahead of earnings, as concerns mount about succession and streaming profits
▼ + stars: | 2023-08-09 | by ( Reed Alexander | Lucia Moses | ) www.businessinsider.com time to read: +12 min

For Disney, Iger's return was a doctor's-orders scenario. "What is the long game for any pure-play media company in a world where we have tech-driven media companies that are much larger than any traditional media company and have fundamentally different business models?" Will Disney sell TV assets like ABC? Industry watchers have focused on private-equity firms as likely buyers of Disney's TV assets. Are you a Disney insider?

Persons: Bob Iger, Bob Chapek, Iger, Disney, Iger's, Peter Csathy, Tom Staggs, Kevin Mayer, Csathy, they're, He's, Paul Verna, Verna, David Heger, Edward Jones, Heger, Hulu —, it's, Dave Portnoy's Barstool, Will, Evercore, Dana Walden, Alan Bergman, Puck, Disney bigwigs, Mayer, Walden, Bergman, Reed Alexander, Lucia Moses Organizations: Disney, ESPN, Walt Disney Co, Hollywood, Creative Media, Apple, PE, Candle Media, Insider Intelligence, Hulu, LightShed Partners, Penn Entertainment, ESPN Bet, Penn, Yahoo Finance, Will Disney, ABC, Geographic, CNBC, Industry, Disney's, Parks

☆ 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

☆ Truist upgrades DraftKings, says sports betting stock has clear path to profitability
▼ + stars: | 2023-08-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Truist is optimistic on DraftKings on the back of the company's second-quarter earnings. Jonas the company "showed us the money — a quicker and more visible path to profitability" with the report. "Following a Q2 inflection to profitability, we think DKNG's training wheels are off. Management has deftly navigated around numerous early threats, and we think the path to significant and sustainable profitability has become clearer," Jonas said in a Tuesday note. He noted that DraftKings has seen continued market share gains and appears to be narrowing the gap with its competitor FanDuel.

Persons: Barry Jonas, DraftKings, Jonas, FanDuel, —, Michael Bloom Organizations: Management Locations: Monday's, . Ohio

☆ 'ESPN BET' is a smaller move into sports betting than expected for ESPN: media mogul Tom Rogers
▼ + stars: | 2023-08-08 | 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 Email'ESPN BET' is a smaller move into sports betting than expected for ESPN: media mogul Tom RogersHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Tom Rogers, Brian Sullivan, “ Organizations: ESPN BET, ESPN, CNBC

☆ Wells Fargo upgrades DraftKings, says growth momentum will continue
▼ + stars: | 2023-08-07 | by ( Hakyung Kim | ) www.cnbc.com time to read: +1 min

DraftKings can add to its blockbuster 2023 performance as it heads toward $1 billion in adjusted EBITDA, according to Well Fargo. DKNG YTD mountain DraftKings stock "EBITDA is inflecting more quickly/steeply than we previously envisioned, and we expect its op. He cited structural hold improvements, shorter payback periods, secular growth and industry consolidation and aging cohorts driving down promotional expenses as tailwinds for earnings growth. The analyst added that DraftKings' bull thesis is beginning to play out, noting growing market share and increasing structural hold, all while costs "remain in check." Upcoming state launches and more potential state legislation allowing sports betting in the near quarters could lead to more expansion for DraftKings.

Persons: Daniel Politzer, Politzer, CNBC's Michael Bloom Organizations: NFL, DraftKings Locations: Fargo

☆ Stocks making the biggest moves premarket: Sovos Brands, BioNTech, Tyson Foods and more
▼ + stars: | 2023-08-07 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Tyson Foods — Shares of the food processing company fell more than 7% after Tyson's fiscal third-quarter report missed estimates on the top and bottom lines. Tyson generated 15 cents in adjusted earnings per share on $13.14 billion of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $13.59 billion of revenue. Sovos Brands — Shares of Rao's parent Sovos Brands' popped 25% in premarket trading after food giant Campbell Soup said Monday it would acquire the pasta sauce maker for $2.33 billion. Campbell will pay $23 per share for the company, which is 27.6% higher than the Sovos Brands' last closing price.

Persons: Tyson, Refinitiv, DaVita, Campbell Soup, Campbell, Wells, Warren Buffett's, BioNTech, it's, Nikola —, Viatris, —, Fred Imbert, Samantha Subin, Yun Li, Tanaya Macheel, Jesse Pound Organizations: UBS, Brands, Campbell Soup, Berkshire Hathaway —, KKR —, KKR Locations: Covid

☆ Fanatics and competitor Panini launch legal battle with a pair of lawsuits
▼ + stars: | 2023-08-07 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

The dispute comes down to licensing rights for professional sports league and their associated trading cards: Panini currently has the league and player union licenses to produce trading cards for the NBA and NFL. It's held those exclusive rights since 2009 and 2016, respectively. In its antitrust suit against Fanatics, Panini alleged that "Fanatics positioned itself to drive Panini and other potential competitors out of the market, and erected barriers to entry blocking their return." Fanatics claims Panini "embarked on a protracted, unlawful, and deceitful campaign of unfair trade practices, strong-arm tactics, and tortious misconduct to hamper Fanatics Collectibles' nascent business, in the hopes that it could force Fanatics Collectibles to pay an extortionate amount for Panini to terminate its licenses early." The move also helped to terminate a SPAC merger for Topps after it lost the MLB rights.

Persons: Brandon Igdalsky, Panini, countersued, It's, Silver Organizations: NASCAR, Pocono, Sports, NBA, NFL, Panini, International Olympic, MLB, Topps, Endeavor Group, Insight Partners, CNBC Disruptor Locations: Long Pond, PA

☆ Caesars CEO Tom Reeg talks Caesars' strong quarterly report
▼ + stars: | 2023-08-01 | 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 EmailCaesars CEO Tom Reeg talks Caesars' strong quarterly reportTom Reeg, CEO of Caesars Entertainment, joins 'Last Call' to talk Caesars' quarterly earnings report, the state of travel in the U.S., sports betting and more.

Persons: Tom Reeg Organizations: Caesars, Caesars Entertainment Locations: U.S

☆ Opinion | A Smart Way to Turn Gambling Into a Virtue
▼ + stars: | 2023-07-28 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

Initially proposed to cope with debt from the Nine Years’ War (1689-97), the Million Adventure offered 100,000 tickets at £10 each. The Million Adventure was also a saving program, in that it paid ticket holders a £1 per year until 1710, or a 6.15 percent annual return. Harold Wilson, then the shadow chancellor of the Exchequer, called Premium Bonds a “squalid raffle,” but the British people rushed to buy them. Today about one in three Britons owns Premium Bonds. It has taken longer for prize-linked savings to catch on in the United States, but it’s happening.

Persons: we’re, Benjamin Franklin, Murphy, Harold Wilson, Truist’s Organizations: American Gaming Association, Sports, Britons, Bonds, InTouch Credit Union of, Yotta Technologies Locations: U.S, United Kingdom, British, Denmark, Ireland, New Zealand, Sweden, United States, InTouch Credit Union of Plano , Texas

watch nowAristocrat Gaming unveiled Thursday new NFL-themed slot machines slated to appear on casino floors when football season kicks off in September. Now, its highly sought-after license will appear on casino slot machines nationwide, designed and manufactured by Aristocrat. Aristocrat unveils the first look of its NFL-themed slot machines that will begin appearing on casino floors in September. Aristocrat unveils the first look of its NFL-themed slot machines that will begin appearing on casino floors in September. Source: Aristocrat Gaming

Persons: Gaming, Joe Ruggiero, Hector Fernandez Organizations: NFL, National Football League, American Gaming Association, League, Gaming, CNBC

☆ Premier Lacrosse League Co-founder, President on FanDuel deal and the sports betting landscape
▼ + stars: | 2023-07-25 | 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 EmailPremier Lacrosse League Co-founder, President on FanDuel deal and the sports betting landscapePremier Lacrosse League Co-founder and President Paul Rabil announces a partnership with FanDuel and discusses driving value in the betting space at CNBC's inaugural Game Plan event.

Persons: Paul Rabil, FanDuel Organizations: Premier Lacrosse League Co

☆ Britain's Entain to buy U.S.-based Angstrom Sports for $160 mln
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

July 17 (Reuters) - Ladbrokes-owner Entain (ENT.L) on Monday agreed to acquire U.S.-based Angstrom Sports for 122 million pounds ($159.5 million) as it looks to widen its footprint in the country. The acquisition of the sports modelling, forecasting and data analytics company will comprise a total consideration of 81 million pounds and contingent payments over three years, the company said in a statement. Over the years, Entain has added several betting groups to its portfolio to expand into Canada, the Netherlands and other parts of Europe. The acquisition of Angstrom is expected to be completed in the third quarter of 2023. ($1 = 0.7651 pounds)Reporting by Radhika Anilkumar in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Entain, Jette Nygaard, Andersen, BetMGM, Radhika Anilkumar, Dhanya Ann Thoppil Organizations: U.S, Sports, MGM Resorts, Angstrom, Thomson Locations: parlay, Canada, Netherlands, Europe, Bengaluru

☆ Marriott and MGM link loyalty programs in a bid on business travelers
▼ + stars: | 2023-07-17 | by ( Contessa Brewer | ) www.cnbc.com time to read: +3 min

Marriott and MGM Resorts International announced a partnership Monday to link their loyalty programs and give customers more options for cashing in. Under the deal, MGM guests in the United States can earn Marriott Bonvoy rewards points and Bonvoy members will in turn have access to 17 MGM properties when they spend their points. Those loyalty programs drive business and help to differentiate competitors at a time when travel is continuing to rebound from a pandemic pause. Marriott CEO Tony Capuano said MGM Resorts brings a wealth of intellectual property to the portfolio as well as entertainment, high-end culinary options and other one-of-a-kind experiences. Customers of MGM's sportsbook will earn Bonvoy points on some transactions, and Bonvoy members will see MGM sportsbooks marketing on the Marriott site.

Persons: Bill Hornbuckle, Bonvoy, Tony Capuano, Capuano, Hornbuckle, sportsbook, Adam Greenblatt, Dawn Giel, Jessica Golden, Kasey O'Brien Organizations: Marriott, MGM Resorts International, MGM, CNBC, Las, Cosmopolitan, MGM Resorts, Caesars, Entain Locations: United, Vegas, United States

☆ Here are Thursday's biggest analyst calls: Tesla, Spotify, Netflix, Chevron, Carvana, Coinbase & more
▼ + stars: | 2023-07-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: TD Cowen upgrades Meta to outperform from market perform TD Cowen said it sees further share gains ahead for Meta. TD Cowen reiterates Amazon as outperform TD said it's bullish heading into Amazon earnings later this month. Deutsche Bank reiterates Microsoft as buy Deutsche said the stock is "set up nicely" heading into earnings later this month. " Bank of America reiterates Tesla as neutral Bank of America said it's standing by its neutral rating heading into earnings next week. BMO reiterates Chevron as outperform BMO said in a note on Thursday that it likes the oil and gas giant's capital return.

Persons: Cowen, TD Cowen, it's, Stifel, Coinbase, JPMorgan downgrades, Morgan Stanley, Cboe, Morgan Stanley downgrades SoFi, Tesla, Domino's, Robert Iger, Oppenheimer Organizations: Meta, Energy Fuels, Clean Energy Fuels Corp, Barclays, JPMorgan, Spotify, Deutsche Bank, Microsoft, Deutsche, BMO, Netflix, " Bank of America, of America, Suisse, Credit Suisse, Bank of America, Disney, ESPN, Chevron Locations: China

☆ Fanatics to launch live events business as it seeks to create a sports version of Comic-Con
▼ + stars: | 2023-07-13 | by ( Yuheng Zhan | ) www.cnbc.com time to read: +2 min

Fanatics will launch a new live events business that will look to recreate the Comic-Con experience for sports collectibles, the company said Thursday. The new venture, called Fanatics Events, will be a partnership with events and talent management giant IMG, which is part of Endeavor . Fanatics Events plans to organize global events through partnerships and acquisitions. Fanatics said Fanatics Events aims to start holding events next year. "Fanatics Events will be super-charged by the full power of Endeavor's flywheel, global network, and events expertise to deliver once-in-a-lifetime moments that fans will remember forever," said Paul Caine, president of On Location and IMG Events.

Persons: Goldman Sachs, DraftKings, Lance Fensterman, Fensterman, Paul Caine, –, Jessica Golden Organizations: Endeavor, Barclays, York Comic Con Locations: U.S

☆ Stocks making the biggest moves midday: Domino's Pizza, DraftKings, Lucid, SunPower and more
▼ + stars: | 2023-07-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

The agreement has the potential to add incremental orders from Uber Eats to 70% of Domino's stores, the company said. DraftKings — Shares of the sports betting app rallied about 5% following an upgrade to buy by analysts at Bank of America. Bank stocks — Bank stocks jumped after consumer prices came in lighter than expected. SunPower — Shares jumped 9.4% after the solar power company was upgraded by Raymond James to strong buy from outperform. Beyond Meat shares added 4% in the previous session.

Persons: Uber, DraftKings, it's, Lazard, Jefferies, Morgan Stanley, Goldman Sachs, KeyCorp, Lucid, FactSet, Raymond James, Pavel Molchanov, Stellantis, Holley, JPMorgan, Yun Li, Alex Harring, Samantha Subin, Michael Bloom Organizations: Domino's, Bank of America, TV, Jefferies, Bank, — Bank, Citigroup, Goldman, Comerica, Acadia Healthcare, Holley Inc, —, JPMorgan Chase Locations: Zions, U.S, New Mexico, Acadia

☆ Bank of America says this gambling stock is reaching an 'inflection point' and should rally 20%
▼ + stars: | 2023-07-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

DraftKings is poised for an upswing as the sports betting stock nears an inflection point, according to Bank of America. Shaun Kelley upgraded the sports betting stock to a buy from a neutral rating, citing expectations for an acceleration in revenue momentum and inflection in both margins and profitability. The analyst lifted his price target to $35 from $25 a share, reflecting about 21% upside from Tuesday's close. He expects the market to grow 35% year over year in 2023 and at a 15% compounded annual growth rate between this year and 2027. "DraftKings has also reached a key cost inflection in its young business model, as we believe the rate of growth in cost of revenue and external marketing have peaked," Kelley said.

Persons: DraftKings, Shaun Kelley, DKNG, Kelley, " Kelley, — CNBC's Michael Bloom Organizations: Bank of America Locations: That's

☆ Stocks making the biggest moves midday: Carvana, Icahn Enterprises, Novavax, Fisker and more
▼ + stars: | 2023-07-10 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Carvana — Shares soared 10% in midday trading. The company said on Monday it expected exponential growth within its used electric vehicle segment as consumer demand for EVs skyrocket. Lucid — The luxury electric vehicle company added 3.4%. Fisker — Fisker rose 2% after the electric vehicle maker said it's issuing a $340 million convertible note offering. On Friday, the company disclosed in a securities filing that it would receive $350 million from Canada for unused Covid-19 vaccines.

Persons: EVs skyrocket, Morgan Stanley, Jefferies, DraftKings, Carl Icahn's, Fisker, Jesse Pound, Sarah Min, Yun Li, Samantha Subin Organizations: EVs, Shockwave, JPMorgan, Cava, Icahn Locations: Cava, Canada

☆ MLB All-Star Game, baseball cards, are first big test of Fanatics livestream shopping experience
▼ + stars: | 2023-07-10 | by ( Ian Thomas | ) www.cnbc.com time to read: +5 min

(Photo by Justin Berl/Getty Images)Fanatics' first livestream shopping event will feature collectors opening baseball trading card packs on the field during this week's Major League Baseball All-Star Game events in Seattle. The sports platform's new business division, which is called Fanatics Live, is centered around live shopping experiences during which users will be able to buy trading cards and other collectibles on the Fanatics Live app while watching streams of hosts and other collector sellers. "Our intention is to have Fanatics Live be the leader in the live commerce space," Bell said. Livestream shopping, which got its start in China and across Asia, has grown into a $512 billion market, according to Coresight Research. Bell acknowledged the challenges for livestream shopping in the U.S. but said he sees them as an opportunity.

Persons: Justin Berl, Nick Bell, Bell, — Bell, —, Chris Lamontagne, Scott Rogowski, Michael Rubin, – Bell Organizations: Pittsburgh Pirates, Milwaukee Brewers, PNC Park, Major League Baseball, Google, Mobile, Research, eBay, Facebook, QVC, U.S, Meta, CNBC Disruptor Locations: Pittsburgh , Pennsylvania, Seattle, U.S, China, Asia

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