Rate Cut Hopes and Buoyant Earnings Are Good News for Stocks
Stocks continue to power higher, with equity futures advancing on rate cut hopes and robust company earnings. Still, Jefferies thinks it might be wise to rotate out of high-flying tech stocks and into smaller-cap shares. And for the select few, it's time to start chilling the Champagne—investment bankers, hedge-fund employees and asset-management staffers are set to see higher bonuses this year.
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'When I came back to Disney and assessed essentially the future of ESPN, it became clear that ESPN had to launch a bigger and more robust and digital or direct-to-consumer product, not only for the sake of ESPN's business, but for the sports fan,' Iger said. 'And obviously, when you start thinking about high-quality sports content, your eyes immediately head in the direction of the NFL because there's really nothing more valuable and more popular than that. NFL Network — which has nearly 50 million subscribers — would be owned and operated by ESPN and would be included in ESPN's direct-to-consumer product. The NFL RedZone channel would be distributed by ESPN to cable and satellite operators. However, the NFL will continue to own, operate and produce the channel as well as retain the rights to distribute the channel digitally. ESPN would also get rights to the RedZone brand, meaning RedZone channels for college football and basketball or other sports could be coming in the future. 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It had that in the past with Sirius Satellite Radio and SportsLine. The NFL could also have equity in the newly formed 'Paramount Skydance Corporation,' which owns CBS, due to the league's partnership with Skydance. 'This is new as far as a partner now operating a business that we built, ran and grew,' said Hans Schroeder, the NFL's executive vice president of media distribution. 'It'll also be a little bit new again with some of the dynamics here, but we'll continue to balance that in a really arm's length way where we'll think about how we manage and work across to all our partners.' The league will continue to own and operate NFL Films, NFL+, the official websites of the 32 teams, the NFL Podcast Network and the NFL FAST Channel (a free ad-supported streaming channel). 'The moves align with the NFL's longstanding ambition to reach $25 billion in annual revenue by 2027 — a target first set in 2010, when league revenue stood at approximately $8.5 billion,' O'Connor said. 'Financially, the move also signals to investors that ESPN is doubling down on differentiation and content stickiness by offering a scarce and premium product in a crowded marketplace. Intentionally ceding equity to the NFL transforms ESPN from a media licensee into a true platform partner — with few properties rivaling the league in terms of cultural significance, appointment viewing, audience reach, and monetization efficiency.' No major changes yet Viewers will likely not see any immediate impacts until next year once everything is approved. Besides ESPN, the biggest winner in this could be NFL Network, which had seen reductions in original programming the past couple years. 'Total Access,' the network's flagship show since its launch in 2003, ended in May 2024 amid a series of layoffs and cost-cutting moves. 'Good Morning Football' also moved from New York, where it had been since its start in 2016, to Southern California last year. NFL Network moved to a broadcast facility across the street from SoFi Stadium in Inglewood, California, in 2021. 'The thing that's exciting for us is that we have put a lot into the network. I think it's been very effective for fans. We know it's in good hands,' Goodell said. 'They're innovative, they recognize great production and know how to produce it. They will do a fantastic job of operating the network and taking it to another level.' ___ AP NFL:
